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Venezuela's 1mn bpd Production Target Requires Diluent

OIL

Venezuelan production has risen to 850,000 bpd of oil and 4.5Bcf/d of natural gas according to Venezuelan vice minister for hydrocarbons Erick Perez speaking with Argus.

  • He said that the short-term production goal for the country is 1mn bpd but it depends heavily on steady flows of diluent to blend with extra heavy oil from the Orinoco region.
  • "Once we can have it in volume and quality, the goal is achievable," Perez said.
  • Argus estimates placed Venezuelan production at 680,000 bpd a year ago.
  • Chevron has been supplying naphtha and condensate for diluent, but the industry needs more according to Perez.
  • Venezuela has relied on Iranian condensate flows as a diluent which have now almost totally disappeared.
  • Venezuela is now receiving an average of $65/bl for its oil, Perez said.
Energy BulletsCommodities
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