Last weekend, Venezuela completed the installation of the first floating oil platform by the Chinese company Concord Resources Corp. in Lake Maracaibo, Zulia state.

“The central infrastructure of the project is the Alula platform, a jack-up offshore unit flying the flag of São Tomé and Príncipe. The structure departed from the port of Zhoushan, China, and was guided by a tugboat under the Lake Maracaibo bridge toward Lagunillas.”

This project represents a $1 billion investment aimed at “reactivating production in the Lago Cinco and Lagunillas fields and reaching 60,000 barrels per day by 2026.”

CCRC operates under a 20-year production-sharing contract with Venezuelan oil company PDVSA and has deployed Chinese specialists to reopen at least 100 inactive wells.

It was learned that the goal of this project is to increase production in the Lago Cinco and Lagunillas fields “from the current 12,000 barrels per day to 60,000 bpd by the end of 2026,” following a plan to allocate light crude to PDVSA and export heavy crude to China.

M.Pino

Source: elnacional

(Reference image source: Marcus Oliveira on Unsplash)

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