May 2014, Vol. 241, No. 5
Projects
PDVSA To Boost Orinoco Oil Belt Production
Petroleos de Venezuela, S.A. (PDVSA) is moving forward with a series of 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 the World Heavy Oil Congress 2014 in New Orleans.
Figuera said the new projects include several joint ventures with foreign partners and will allow an increase in production of 2 MMbpd of heavy crude by 2019. These projects, which have a 20% recovery factor, have required an investment of $3.2 billion in the past two years for development of processing facilities, pipelines, terminals and other infrastructure.
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