Petroleos de Venezuela, S.A. (PDVSA) is moving forward with a series of new heavy oil developments in the Orinoco Oil Belt that will allow a significant increase in production, while requiring the development of massive new infrastructure, Ruben Figuera, director of new developments in the Orinoco Oil Belt, told delegates to the World Heavy Oil Congress 2014 in New Orleans.
Figuera said the new projects, being developed by PDVSA under several joint ventures with foreign partners, will allow an increase in production of 2.02 million barrels per day of heavy crude, ranging in gravity from 16 to 32 degrees API, by 2019.
These projects, which have a 20% recovery factor, have required an investment of $3.2 billion in the past two years for the development of new processing facilities, pipelines, terminals and other infrastructure.
The new projects include Petromacareo, Petrourica, Petrojunin, Petromiranda, Petrocarabobo and Petroindependencia.
We are working passionately to continue to develop the resources of the Orinoco Oil Belt, the world’s largest heavy crude oil reserves, which have been certified at 297 billion barrels.—Ruben Figuera