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ISSUES....
Inside, confidential and off the record
Full speed
It seems that Chavez, is looking at the future and see dark clouds, so he is moving forward its only bargain chip, its vast reserves of extra heavy oil 8 API, in the orinoco belt region, that with the modern technology of France's Total get upgraded to 31 API are moving ahead. No bad at all when the cost of producing that dense petroleum is only USD$8 per barrel. So, this week Chavez got Total to set a Symposium where they announced that Total has a new area assign in the orinoco belt perhaps in partnership with Statoil (?), along with a Russian consortium, and the Chinese CNP. investment of more that 40 billion dollars are in order and in 5 year, at least 1 million barrels per day of 31 API, will be exporting. Next week Chavez will announce 3 new areas in the orinoco region, that will also yield another million of barrel per day in 5 years time. And the medium grade Furrial crude and Tia Juana Light? well they are a thing of the past, PDVSA do not have the technical expertise or the human resources to keep those mature wells producing. That's life, you have to paid the consequences of fire 20.000 employees in 2002. At least PDVSA need 15 years more to get the level of expertise they had in 2002.
Petroleumworld News 09/24/09
ISSUES.... Inside, confidential and off the record
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