The problem has been that new joint ventures since 2005 between state-owned PDVSA with foreign minority partners to exploit those reserves has not advanced at the hoped-for pace. The initial target for the JV’s was to reach one million b/d by 2013, but production levels have only hit a stunningly low 6,000 b/d. Meanwhile, construction of new upgraders, also known as improvers, needed to make the additional heavy crude transportable, has now been put off until 2020. More...
Monday, February 10, 2014
At the Wellhead: Crawling along in Venezuela’s Orinoco belt
The problem has been that new joint ventures since 2005 between state-owned PDVSA with foreign minority partners to exploit those reserves has not advanced at the hoped-for pace. The initial target for the JV’s was to reach one million b/d by 2013, but production levels have only hit a stunningly low 6,000 b/d. Meanwhile, construction of new upgraders, also known as improvers, needed to make the additional heavy crude transportable, has now been put off until 2020. More...
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