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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 247
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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. oil sands).

Venezuela 257
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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). Map of Orinoco’s Faja area. Click to enlarge.

Venezuela 218
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Researchers develop large-scale, economical method to extract hydrogen from oil sands and oil fields

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Canadian researchers have developed a large-scale economical method to extract hydrogen from oil sands (natural bitumen) and oil fields. The process can extract hydrogen from existing oil sands reservoirs, with huge existing supplies found in Canada and Venezuela. Proton Technologies is commercializing the process.

Oil-Sands 375
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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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Average values for WTW GHG emissions for oil sands and other crudes, tight boundary. When the oil sands products refined in the United States are considered—a mixture of oil sands and lower-carbon blending components—the GHG emissions are, on average, 9% higher than the average crude processed in the US.

Oil-Sands 388
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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. Junin 5 block in the Orinoco. Deepwater Angola. Eni is operator of Block 15/06 with 35%.

Angola 218
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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. mb/d in 2017.

Brazil 218