In order to contribute with the development of Orinoco Belt reservoirs, a simulation model was created to be used on the extra heavy crude oil reservoir MFB-5, located in Bare block, Hamaca area. So far, this reservoir has produced about 1% of oil in place, estimated in 216 MMSTB. Besides, it has an associated aquifer, which generates high water cuts caused by channeling. This situation motivate the study of different exploitation strategies to obtain the most profitable oil recovery. At present reservoir conditions and under primary recovery, there is still a 14% of total recoverable oil (28 MMSTB). The main objective of this work was to obtain the highest oil recovery with the lowest number of new locations, and with the most favorable well production conditions for this reservoir. An economical analysis was performed for each scheme and the result was that the best technical and income-producing exploitation strategy, would recover 15% of OOIP in 20 years, which would exceed recoverable oil in place in 6% if the current 9 active wells are maintained producing under the present strategy.

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