Simultaneously, PDVSA aims to integrate a Very Large Crude Carrier (VLCC) floating storage tank in Amuay Bay. This tank will serve as a facility to store the heavy oil produced in the western side of the region, particularly in Maracaibo, encompassing the fields of Mara, Paz, and La Concepcion. This initiative addresses the significant limitations of onshore facilities, such as storage tanks in the area. PDVSA also has plans to restore gas compression plants and flow stations.
Overall, PDVSA aims to increase the production of lighter oil types to boost gasoline output, addressing intermittent fuel supply issues. They will likely prioritize the Tomporo field in the Western Division as well as the recovery of production in the Monagas fields like Jusepin and El Furrial. To cater to U.S. markets and Gulf Coast refiners, there’s a need to enhance heavy oil production, both in the Orinoco Belt and fields like Boscan in the Chevron joint venture. PDVSA aims to raise production by an additional 300,000 barrels in the coming months.
Channeling investments into drilling rigs is also essential to rejuvenate oil production and to address the recent shortage experienced in Venezuela. Investing in the security and safety of operations, particularly in areas like the Western Division bordering Colombia, will also mitigate historical challenges with criminality and vandalism affecting pipelines and storage tanks.
It’s worth noting that foreign players, including China and Russia, have engaged in various oil joint ventures with PDVSA, particularly in the Orinoco Oil Belt. Companies such as the China National Oil Company, PetroChina, Gazprom, and Rosneft, alongside Chevron’s 50-year presence in Venezuela, have been active. The Petroboscan joint venture, once a major producer with foreign oil companies, has faced significant drops in output over the last decade due to operational and financial challenges, compounded by sanctions against PDVSA.
AMI, in partnership with Geopolitical Risks Consultant, provides market research, political risk and security analysis to help foreign companies operate successfully in Venezuela''s energy sector.
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