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PDVSA signs $4B loan agreement with China Development Bank for expansion of heavy oil production in Orinoco

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Venezuela’s PDVSA signed a $4.0-billion, Venezuela will also receive two other loans from China: one for $1.5 China and Venezuela are developing Orinoco blocks Junin 1, 4 and 8; Boyaca 4 and MP3. The US Geological Survey estimated the recoverable oil resources of the Orinoco Oil Belt Assessment Unit. Schenk C.J.,

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Eni announces first production from the Junin-5 giant heavy oil field in Venezuela

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Separately, Eni reported its ninth oil discovery in deepwater offshore Angola, in Block 15/06, increasing the resource base of the West Hub project. The well was drilled at a water depth of 976 meters and reached a total depth of 4,107 meters.

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ExxonMobil announces 6th oil discovery offshore Guyana with Ranger-1; Guyana may move from non-producer to regional powerhouse

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Commenting on the Ranger-1 discovery, Guyana Minister of Natural Resources, Raphael Trotman said that: This is a most historic discovery for Guyana. The well was safely drilled to 21,161 feet (6,450 meters) depth in 8,973 feet (2,735 meters) of water. ExxonMobil affiliate Esso Exploration and Production Guyana Ltd.

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Chevron leveraging information technology to optimize thermal production of heavy oil with increased recovery and reduced costs

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Chevron’s focus on optimizing the thermal management of the Kern River field has resulted in a steady drop in the steam:oil ratio (barrels steam water per barrel oil), resulting in improved economics of the field even with slowly declining production. The US heavy oil resource approaches 100 billion. Data: California DOGGR.

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ExxonMobil announces 6th oil discovery offshore Guyana with Ranger-1; Guyana may move from non-producer to regional powerhouse

Oil (..)

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New catalytic system for conversion of CO2 to methanol shows much higher activity than others now in use

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Scanning tunneling microscope image of a cerium-oxide and copper catalyst (CeO x -Cu) used in the transformation of CO 2 and H 2 to methanol (CH 3 OH) and water. The Instituto de Tecnologia Venezolana para el Petroleo supported part of the work carried out at the Central University of Venezuela. Source: BNL. Click to enlarge.

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U Calgary study finds oil shale most energy intensive upgraded fuel followed by in-situ-produced bitumen from oil sands

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Unconventional oil production received a boost recently especially in North and South America with the significant increases in production from oil sands in Canada, tight oil and oil shale in the US, and growth projections of extra heavy oil in Venezuela. … How does this relate to the life cycle greenhouse gas (GHG) emissions intensity?

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