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Wison wins site preparation contract for refinery project in Venezuela; largest refinery PC project in Latin America by Chinese company

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The Deep Conversion Project will bring a qualitative change in the Puerto La Cruz refinery as it will process 210,000 bpd of heavy and extra heavy crude oil instead of 180,000 bpd of light and medium oil that is currently processing. The bulk of Venezuela’s oil reserves in the Orinoco Oil Belt is formed by heavy and extra heavy crude oil.

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Technip awarded contract for two hydrogen reformers in Venezuela to support expanded processing of Orinoco heavy crude

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Technip was awarded a “significant” contract to supply its proprietary technology as well as engineering and procurement services for two hydrogen reformers in Venezuela. The bulk of Venezuela’s oil reserves in the Orinoco Oil Belt is formed by heavy and extra heavy crude oil.

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EIA: Top 5 US crude oil suppliers account for 72% of total crude imports; highest proportion since 1997

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Crude oil imports from the top five foreign suppliers to the United States—which in 2012 were Canada, Saudi Arabia, Mexico, Venezuela, and Iraq, in that order—accounted for almost 72% of total US net crude oil imports, the highest proportion since 1997, according to the US Energy Information Administration (EIA).

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Opinion: How Much Longer Can OPEC Hold Out?

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However, OPEC has been in the line of fire from the western world in light of its stance of not reducing the production levels of its member nations (excluding Iran). Containing some of the largest proven oil and gas reserves in the world, Venezuela is one of the founding members of OPEC. Source: opec.org). Iraq’s Issues.

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Opinion: The Saudi Oil Price War Is Backfiring

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India, which was earlier importing most of its crude oil from Saudi Arabia, is now changing its strategy and buying more crude oil from Nigeria, Iraq, Mexico and Venezuela. He has dealt with dealt with oil companies such as ONGC; Oil India limited IOCL, BPCL, HPCL and others. Is Saudi Arabia losing the oil price war? Source: [link].

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Platts: June OPEC output of 32.73M barrels of crude per day, highest since Aug. 2008

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Venezuela acted as a check on the overall level though, as the crisis-hit country’s production continues to hit fresh lows. Polish refiner Grupa Lotos bought a one-off test purchase of 2 million barrels of Iranian light crude recently, and Europe has returned as a key destination for Iranian crude.

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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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While production costs and refining costs for heavy oil exceed that for light oil, applying information technology solutions for decision-making has provided a significant increase in the margins and profits of operations, according to Chevron engineers in a paper presented on their system earlier this year. Kern River Field current stats.

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