Español

 

Guyana


Trinidad
& Tobago




Very usefull links



PW
Bookstore





News links

AP

AFP

Aljazeera

Dow Jones

Oil price

Reuters

Bloomberg

Views and News
from
Norway

 

 

 

Venezuela's Orinoco oil belt recovers produccion capacity

Motley Fool

Crude production in Venezuela's Orinoco Belt jumps to 31% of capacity: technical report

By Newsdesk-Venezuela / Platts

CARACAS
Petroleumworld 10 18 2019

The production level of state-owned Venezuela oil company PDVSA and its international partners in Orinoco Belt was up to 403,000 b/d Thursday, or 31% of its maximum capacity of 1.3 million b/d, from 234,000 b/d on October 10, according to a company technical report seen by S&P Global Platts.

This partial recovery in production is due to an increase in the availability of imported diluent, the reactivation of some wells and the partial drainage of Merey 16 crude inventories, according to the technical report.

"In October, PDVSA has negotiated the sale of 16.7 million barrels of Merey 16 so far, but it is not enough to drain oil inventories because there are still 17.4 million barrels without a market," a PDVSA official told Platts October 10.

Related story: Chevron says end of Venezuela waiver may boost oil output, help Russia

PDVSA's crude inventories rose to 34.1 million barrels in October, up from 22.7 million barrels in September, because of a lack of buyers and tankers as well as cargo cancellations. Of this total, 28.8 million barrels were Merey 16, 4.3 million barrels Boscan crude and 1.1 million barrels diluted crude oil (DCO), according to reports seen previously by Platts.

The increase impacts all businesses between PDVSA and its foreign partners in the four main blocks into which the Orinoco Belt is divided - Carabobo, Ayacucho, Junin and Boyaca.

In these blocks, PDVSA has formed seven joint ventures: Petrodelta, Petrooritupano, Petrolera IndoVenezolana, Petrolera Sinovensa, Petrocedeno, Petropiar and Petromonagas. Eight additional ventures are under development: Petroindependencia, Petrocarabobo, Petrojunin, Petromacareo, Petrourica, Petromiranda, Boyaca 8 and Junin 10.

According to Thursday's technical report, production was 229,000 b/d in the Carabobo block, 157,000 b/d in the Ayacucho block, 5,000 b/d in the Junin block and 12,000 b/d in the Boyaca block.

On October 10, production was 121,000 b/d in the Carabobo block, 95,000 b/d in the Ayacucho block, 6,000 b/d in the Junin block and 12,000 b/d in the Boyaca block.

In the Carabobo block, the Petrosinovensa (PDVSA 60%, CNPC 40) joint venture is operating at 70,000 b/d or 70.5% of its 105,000 b/d capacity. Petromonagas (PDVSA 60%, Rosneft 40%) is operating at 70,000 b/d or 58.3% of its 120,000 b/d capacity.

In the Ayacucho block, Petropiar (PDVSA 60%, Chevron 40%) is operating at 100,000 b/d or 52.6% of its 190,000 b/d capacity.

In the Junin block, the 202,000 b/d Petrocedeno venture with Total and Equinor is currently temporarily shut due to high inventory levels. The 120,000 b/d Petro San Felix project (100% PDVSA) in the Junin block is out of service indefinitely.

PDVSA could not be reached immediately for comment Thursday. PDVSA's foreign partners do not respond to requests for comment on this.

The Orinoco Belt, the main oil production area in Venezuela, is a huge reserve of extra heavy crudes that are acidic and have a high heavy metal content. It is estimated to contain 220 billion barrels of crude over 55,314 square kilometers in the southern states of Guarico, Anzoategui and Monagas.

In August, PDVSA indefinitely halted the production of upgraded Orinoco Belt synthetic crudes, and instead converted its upgraders to blending facilities for the production of Merey 16 crude.

PDVSA has continued to sell oil and buy refined products on the global market, but is facing severe challenges due to US sanctions. The US unveiled sanctions on PDVSA on January 28.

Venezuela produced 600,000 b/d of crude in September, down from 700,000 b/d in August, and 2 million b/d in January 2017, according to Platts data.



Story by Newsdesk-Venezuela from SPGlobal Platts.

spglobal.com/platts / 10 17 2019

________________________


We invite you to join us as a sponsor.Circulated Videos, Articles, Opinions and Reports which carry your name and brand are used to target Entrepreneurs through our site, promoting your organization’s services. The opportunity is to insert in our stories pages short attention-grabbing videos, or to publish your own feature stories.

 

________________________

 

Copyright© 1999-2019 Petroleumworld or respective author or news agency. All rights reserved.

We welcome the use of Petroleumworld™ (PW) stories by anyone provided it mentions Petroleumworld.com as the source.

Other stories you have to get authorization by its authors. Internet web links to http://www.petroleumworld.com are appreciated.

Petroleumworld welcomes your feedback and comments, share your thoughts on this article, your feedback is important to us!

We invite all our readers to share with us
their views and comments about this article.

Write to editor@petroleumworld.com

By using this link, you agree to allow PW
to publish your comments on our letters page.

Any question or suggestions,
please write to: editor@petroleumworld.com

Best Viewed with IE 5.01+ Windows NT 4.0, '95,
'98,ME,XP, Vista, Windows 7,8,10 +/ 800x600 pixels

Twitter: @petroleumworld1


TOP

Contact: editor@petroleumworld.com,

Editor & Publisher: Elio Ohep/
Contact Email: editor@petroleumworld.com

CopyRight © 1999-2019, Paul Ohep F. - All Rights Reserved. Legal Information

PW in Top 100 Energy Sites

CopyRight©1999-2019, Petroleumworld   / Elio Ohep - All rights reserved

This site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission fromPetroleumworld or the copyright owner of the material.