Venezuela to supply up to 400,000 barrels of heavy crude oil per day to India

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State-run oil company Petróleos de Venezuela, S.A. PDVSA) and India’s Reliance Industries Limited (RIL), last week signed two agreements to boost extra-heavy crude oil production in Venezuela’s Orinoco Oil Belt (FPO) and sell up to 400,000 barrels per day (bpd) to the country. Venezuela will send Reliance between 300,000 and 400,000 barrels per day. Venezuela currently sends 270,000 bpd to India; India’s oil consumption currently amounts to 4.2

IHS Markit: Canadian oil sands production to be ~1M barrels higher by 2030 but with lower annual growth; boosted by deterioration in Venezuela

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Canadian oil sands production is set to enter a period of slower annual production growth compared to previous years. Nevertheless, total production is expected to reach nearly four million barrels per day (mbd) by 2030—nearly one million more than today, according to a new 10-year production forecast by business information provider IHS Markit.

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

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PetroJunín, joint venture formed by PDVSA (60%) and Eni (40%), has started production from the Junín-5 giant heavy oil field, located in the Faja del Orinoco—the area with the largest untapped hydrocarbon reserves in the world, according to Eni. With the first well on stream, the production start-up was achieved nine months ahead of the approved development plan for Phase 1 (early production phase).

Russia’s Rosneft to invest $16B to develop Carabobo 2 extra-heavy crude in Venezuela; first oil from Junin

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Russian oil and gas major Rosneft, 75% owned by the government, will invest $16 billion in a planned joint venture project with Venezuela’s state oil and gas company PDVSA to develop the Carabobo 2 block in the southern Orinoco extra-heavy crude belt in Venezuela, according to Rosneft CEO Igor Sechin. Daily crude oil production is expected to be approximately 450,000 barrels per day, according to Rosneft. The Orinoco oil belt in Venezuela.

IHS-CERA concludes “no material impact” on US GHG from Keystone XL; heavy crude from Venezuela most likely replacement

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In the absence of the pipeline, alternate transportation routes would result in oilsands production growth being more or less unchanged, IHS CERA found. The study also found that any absence of oil sands on the US Gulf Coast would most likely be replaced by imports of heavy crude oil from Venezuela, which has the same carbon footprint as oilsands crude. IHS currently expects oil sands production to grow from 1.9 Venezuela.

Eni and PDVSA launch major heavy-oil projects in Orinoco Belt in Venezuela

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Italy-based oil and gas major Eni and PDVSA (Petróleos de Venezuela), the state-owned oil and gas corporation of the Bolivarian Republic of Venezuela, signed contracts for the creation of two joint ventures (Empresas Mixtas, Mixed Enterprises). PDVSA will own 60% of both JVs, according to the terms of the new hydrocarbon law of the Bolivarian Republic of Venezuela. Daily production for Eni will be close to 100,000 barrels per day at full field development.

Argentina and Venezuela to cooperate in $2.2B 100,000 bpd extra-heavy oil joint venture in Orinoco Belt

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Argentina and Venezuela will form a joint venture targeting production of 100,000 barrels of extra-heavy oil per day in the Junin field area of the Orinoco Oil Belt. Venezuela President Hugo Chavez said that oil cooperation between the two countries dates back to 2004, with the late Argentine President Nestor Kirchner. Venezuela plans to further develop the Orinoco Belt oil resources in the coming years.

Rosneft and PDVSA sign tentative MoU for JV to develop heavy crude reserves in Venezuela’s Orinoco belt

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Rosneft, the leader of Russia’s petroleum industry and majority owned (75.6%) by the state, and PDVSA, Venezuela’s state-owned oil and gas company, have signed a tentative memorandum of understanding (MoU) to set up a joint venture to develop heavy crude oil reserves in Venezuela as part of the Carabobo-2 project. Crude oil production is expected to peak at above 400,000 barrels per day (25 million tonnes a year).

Researchers develop large-scale, economical method to extract hydrogen from oil sands and oil fields

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The process can extract hydrogen from existing oil sands reservoirs, with huge existing supplies found in Canada and Venezuela. When working at production level, we anticipate we will be able to use the existing infrastructure and distribution chains to produce H 2 for between 10 and 50 cents per kilo. This compares with current H 2 production costs of around $2/kilo. Hydrogen Hydrogen Production Oil Oil sands

Eni report: global oil reserves and oil production up in 2018 due to US

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OPEC registered zero growth as production in the Arab Gulf countries were offset by losses in Iran and Venezuela due to geopolitical issues. 2018 recorded an overall growth in oil production of 2.5 The tight oil production phenomenon continued to increase the share of sweet light crudes, which rose above 20% worldwide. The surge in US production and Canada’s growth far outweighed domestic demand, generating a sharp decline in North American oil dependence.

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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, 8-year loan agreement with China Development Bank (CDB) for boosting production at the Sinovensa heavy oil joint venture in the Orinoco belt from 140,000 barrels per day to 330,000 barrels per day by 2016. 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.

PDVSA to boost Orinoco heavy oil production

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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.

2014 85

Rosneft and PDVSA sign cooperation agreement on gas projects on Venezuelan shelf

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Rosneft’s President and Chairman of the Management Board Igor Sechin and Venezuelan Oil Minister and PDVSA President Rafael Ramirez, in the presence of the President Vladimir Putin, signed a cooperation agreement for implementation of offshore projects in Venezuela. RIA Novosti quoted President Putin as saying Venezuela and Russia have huge potential for joint investment projects, especially in energy.

CNPC and PDVSA to invest $14B to develop Junin 10 in Orinoco extra-heavy oil belt

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China National Petroleum Corporation (CNPC) and Venezuela’s PDVSA (Petróleos de Venezuela SA) will invest about $14 billion to develop the Junin 10 block in the Orinoco extra heavy oil belt in Venezuela, according to a tweet sent out by Rafael Ramirez, the Venezuelan petroleum minister. In June 2012, Petróleos de Venezuela, SA (PDVSA) began drilling the first well in the Junin 10 block in cluster JA-16.

PdVSA doubling capacity and modernizing El Palito Refinery for influx of more Orinoco heavy crudes

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The Venezuelan national petroleum company Petróleos de Venezuela, S.A. According to Oil and Gas Journal (OGJ), Venezuela had 211 billion barrels of proven oil reserves in 2011, the second largest the world. billion barrels in 2010, due to the the inclusion of the massive reserves of extra-heavy oil in Venezuela’s Orinoco belt. Hydrogen Production.

PDVSA signs agreements with India’s Reliance and OVL for work in Orinoco

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The Venezuelan state oil company, Petroleos de Venezuela, SA (PdVSA), has signed agreements with two major Indian energy companies, Reliance and OVL, for work in Venezuela’s Orinoco heavy oil belt. ONGC Videsh Limited (OVL), a 100% subsidiary of Oil and Natural Gas Corporation Limited, and PDVSA signed a memorandum of understanding (MOU) encompassing strategic cooperation and participation in the exploration and production of hydrocarbon resources.

PDVSA and Eni to Form Joint Ventures to Produce and Refine Heavy Crude Oil in Orinoco Region; Targeting 240,000 Barrels per Day

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Venezuela state-owned PDVSA and Italy-based Eni are finalizing a planned 60:40 joint venture to produce heavy crude oil in Junin Block 5 in the Orinoco Oil Belt in Venezuela in 2014. The initial phase, starting in 2014, is targeting the production of 75,000 barrels per day. Venezuela contains billions of barrels in extra-heavy crude oil and bitumen deposits, most in the Orinoco Belt in central Venezuela.

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). Venezuela. Venezuela’s state oil company sent more crude to US refineries, which exported more gasoline and other petroleum products back to Venezuela.

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Harvard Kennedy School researcher forecasts sharp increase in world oil production capacity and risk of price collapse

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World oil production capacity to 2020 (crude oil and NGLs, excluding biofuels). Oil production capacity is surging in the United States and several other countries at such a fast pace that global oil output capacity could grow by nearly 20% from the current 93 million barrels per day to 110.6 Contrary to some predictions that world oil production has peaked or will soon do so, Maugeri’s projections forecast the biggest jump in any decade since the 1980s. shale oil production.

2012 89

PDVSA and Eni inaugurate first heavy crude pipeline in Junin-5 in Orinoco belt

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The Venezuela Minister of Petroleum and President of the state-owned company PDVSA, Rafael Ramirez, and a delegation of Eni, composed of the members of the board of directors and led by the Chief Executive Paolo Scaroni and the President Giuseppe Recchi, inaugurated the first pipeline to evacuate oil from the Junin-5 field, located on the Orinoco oil belt. Eni has been present in Venezuela since 1998.

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. Chevron, already the largest thermal heavy oil producer, is optimizing thermal production in heavy oil fields by leveraging information technology to improve the percentage recovery as well as the economics. Oil production.

2011 85

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). Most view this as a strategy to squeeze the American shale production and other non-OPEC nations. With the huge reduction in its revenues and growing discomfort among its members such as Venezuela, Libya and Nigeria over its current production levels, is OPEC really getting weaker? Venezuela’s Woes.

2015 76

EIA: nearly 69% of US crude oil imports in 2011 originated from 5 countries; Canada alone accounted for 25%

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The amount of crude oil the United States imported from its top five foreign suppliers—Canada, Saudi Arabia, Mexico, Venezuela, and Nigeria—increased slightly during 2011, even though total US crude oil imports fell to their lowest level in 12 years, according to the US Energy Information Administration. Canada, Saudi Arabia, Mexico, Venezuela, and Nigeria have consistently been America’s five largest crude oil suppliers, although their rankings varied from year to year.

IEA: record oil output from US, Brazil, Canada and Norway to keep global markets well supplied

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Oil production growth from the United States, Brazil, Canada and Norway can keep the world well supplied, more than meeting global oil demand growth through 2020, but more investment will be needed to boost output after that, according to the International Energy Agency’s latest annual report on oil markets. Global oil production capacity is forecast to grow by 6.4 In Venezuela, oil production has fallen by more than half in the past 20 years, and declines are set to accelerate.

2018 78

The 5 Countries That Could Push Oil Prices Up

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The ‘Fragile Five’ petrostates—Iran, Iraq, Libya, Nigeria and Venezuela—continue to see supply disruption potential, with northern Iraq crude exports at risk due to an escalation of tensions between the (Kurdistan Regional Government), Baghdad and Turkey, while the United States has decertified the 2015 Iran nuclear deal,” U.S. But damage to some export terminals likely means that near-term production has a ceiling at about 1.25 The rebound in Nigerian production is not assured.

2017 65

Opinion: Who Will Be Left Standing At The End Of The Oil War?

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Production cost and breakeven figures that analysts enjoy bandying can trap you in bubble of black-and-white mathematics that is a few brush-strokes shy of a full picture. Saudi Arabia and Kuwait enjoy some of the lowest production costs in the world, at about $10 and $8.50, respectively, according to Rystad Energy data. And that’s with per barrel production costs of around $31/$32 in Nigeria, $23/$24 in Libya, and $10/$11 in Iraq. Venezuela is already on its knees.

2016 84

EIA: China is now the world’s largest net importer of petroleum and other liquid fuels

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The rise in China’s net imports of petroleum and other liquids is driven by steady economic growth, with rapidly rising Chinese petroleum demand outpacing production growth. US total annual petroleum and other liquids production is expected to rise 31% between 2011 and 2014 to 13.3 In the meantime, Chinese production will increase at a much lower rate (5% over this period) and is forecast to be only one-third of US production in 2014.

2014 89

US Lifted The Crude Oil Export Ban, And Exports Went Down

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crude oil is Venezuela. In early February, Venezuela’s state-run oil company PDVSA imported a 550,000-barrel cargo of West Texas Intermediate (WTI) through its U.S.-based Venezuela started importing foreign crudes in 2014 amid a fall in its own production—buying mostly Angolan and Nigerian light grades. by Charles Kennedy of

2016 65

EIA: US importing more crude from Canada, even as total imports falling; 25% of imports in 2011, 28% so far in 2012

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Long a major onshore and offshore producer of conventional crude, the recent growth in Canada’s liquids production has been driven by bitumen and upgraded synthetic crude oil produced from the oil sands of Alberta. The vast majority of Canada’s reserves and the expected future growth in Canada’s liquids production will derive from unconventional resources. Canada is the largest supplier of foreign oil to the United States, followed by Saudi Arabia, Mexico, and Venezuela.

2012 80

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

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Oil production from the Organization of the Petroleum Exporting Countries (OPEC) crude oil output surged 300,000 barrels per day (b/d) in June, close to an eight-year high of 32.73 million b/d, as production in Nigeria and Libya tentatively recovered along with steady increases for Saudi Arabia and Iran, according to an S&P Global Platts survey of OPEC and oil industry officials. If the situation persists, the case for a return to some kind of production cap may gain traction.

2008 60

GM Creates New South America Regional Organization

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GM South America includes GM’s existing sales and manufacturing operations in Brazil, Argentina, Colombia, Ecuador and Venezuela as well as sales activities in those countries and Bolivia, Chile, Paraguay, Peru and Uruguay. As part of GM’s global product operations organization, GM South America has product design and engineering capabilities, which will allow it to continue creating local cars and trucks that complement GM’s global product architectures.

IEA: Global oil discoveries and new projects fell to historic lows in 2016 while US shale surged; “two-speed” market

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It brings an additional cause of concern for global energy security at a time of heightened geopolitical risks in some major producer countries, such as Venezuela, the IEA said. There, investment rebounded sharply and output rose, on the back of production costs being reduced by 50% since 2014. This growth in US shale production has become a fundamental factor in balancing low activity in the conventional oil industry.

2017 60

IHS CERA meta-analysis finds lifecycle GHG emissions for fuel produced solely from oil sands crude average 11% higher than from average crude refined in the US; high variability

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When the boundary for measuring GHG emissions is placed around crude production and processing facilities, for fuels produced solely from Canadian oil sands the average well-to-wheels (WTW) life-cycle GHG emissions are 11% higher than for the average crude refined in the United States (results range from 4% to 18% higher), according to a new meta-analysis by energy market consultancy IHS CERA. Allocation of emissions to co-products.

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

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Scientists at the US Department of Energy’s (DOE) Brookhaven National Laboratory, with colleagues from the University of Seville (Spain) and Universidad Central de Venezuela, have discovered a new, highly active catalytic system for converting carbon dioxide to methanol. These studies revealed that the metal component of the catalysts alone could not carry out all the chemical steps necessary for the production of methanol.

2014 83

Rosneft joins BP as new partner in ROG German refining JV

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This follows the completion of the deal announced last October in which BP’s existing partner, PdVSA of Venezuela, agreed to sell its 50% interest in the joint venture to Rosneft. In addition to these refineries, ROG owns DHC Solvent Chemie, one of Europe’s leading manufacturers of solvents and other speciality products from oil. It owns more than 19% of German refining capacity and 5% of the ethylene production capacity in Northwest Europe.

2011 69

Rosneft and PDVSA sign joint venture agreement for Orinoco heavy-oil Carabobo-2 project

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Russian oil and gas major Rosneft, 75% owned by the government, and the Venezuelan Corporacion Venezolana del Petroleo (CVP), a subsidiary of PDVSA, signed an agreement to create a joint venture to develop heavy oil reserves in Venezuela in the framework of the Carabobo-2 project. Commercial oil production is expected to peak at more than 400 thousand barrels per day (about 25 million tonnes per year).

2013 69

IHS Automotive forecasts 88.6M unit global light vehicle market in 2015; 2.4% growth

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million units—a 10% drop from 2013; with politics impairing Argentina and Venezuela, and the economic climate weighing down markets like Brazil, Chile and Peru, where it may take a few years for demand to recover to previous highs. Uncertainty lingers over Argentina, Brazil, Chile and Venezuela for 2015. IHS Automotive forecasts global automotive sales for 2015 to reach 88.6 million, an increase of 2.4%

2015 81

GM Daewoo Considering Hybrid for 2011

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In addition, GM Daewoo provides market and brand-specific vehicle kits for assembly at GM facilities in China, Thailand, India, Colombia and Venezuela. million units, including CKD (completely knocked down) products. Yonhap. GM Daewoo Auto & Technology is considering producing a hybrid vehicle in 2011 in South Korea. Researchers from GM headquarters and GM Daewoo are carrying out projects to build eco-friendly cars, including a hybrid vehicle,” said the official at GM Daewoo.

Opinion: The Saudi Oil Price War Is Backfiring

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With record production of 10.564 million barrels per day in June 2015, Saudi Arabia has been one of the major driving forces behind the current oil price slump. The Saudis have kept their production levels high since last year in order to drive other players (especially US shale drillers) out of business. 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.

Saudis Expand Price War Downstream

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Saudis have moved into the product business in a big way,” said Fereidun Fesharaki of FGE Energy. The gross refining margin is nothing but the difference between the value of the refined products and price of the crude oil. It makes trade flows in products very different,” said Amrita Sen of Energy Aspects. Indian refiners are now buying more crude oil from Nigeria, Iraq, Venezuela and Mexico. by Gaurav Agnihotri for

Brookhaven team identifies active sites on catalysts for converting CO2 to methanol

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The hydrogenation of carbon dioxide is a key step in the production of methanol; catalysts made from copper (Cu) and zinc oxide (ZnO) on alumina supports are often used. An additional co-author, Pedro Ramírez of Universidad Central de Venezuela, made important contributions to this study by helping to test the activity of the copper zinc and copper zinc oxide catalysts.

2017 65

What Does The Next OPEC Meeting Have In Store?

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The 2 June 2016 OPEC meeting will be held amid a backdrop of oil prices near $50 per barrel, a sharp drop in Nigerian production due to sabotage, turmoil in Venezuela, Saudi Arabia operating with a new oil minister, and Iran aggressively pumping close to pre-sanction levels. There will always be a need for additional production. Production will increase upward in 2016,” reports The Financial Times. by Rakesh Upadhyay for

Opinion: Saudi Oil Strategy: Brilliant Or Suicide?

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He argued that rapidly growing production outside OPEC made the existing status quo unviable, and that lower prices in the short term would increase prices in the longer term through reduced investment and ultimately benefit all OPEC members. The Saudis have attempted to mitigate the revenue shortfall through increased production, ramping up output from 9.6 North American demand is growing now that oil prices are low, but due to high levels of domestic production, the U.S.

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