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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PDVSA and the French company Maurel & Prom will jointly produce oil and gas in Lake Maracaibo, according to an agreement signed by both companies.

The agreement comes after the temporary lifting of several sanctions by the United States, the country’s oil company reported.

Likewise, it establishes the reactivation of the Petroregional del Lago mixed company, in the Urdaneta field in the state of Zulia, according to a press release from the state company.

The Venezuelan Minister of Petroleum, Rafael Tellechea, explained that this is an “extremely important” agreement for “increasing production and to continue promoting the development of the state oil company, for the benefit of the growth of the national economy.”

In addition, the president of PDVSA also announced that a gas flaring project in the north of the state of Monagas is “almost ready”, which includes alliances with the Spanish company Repsol and the Italian company Eni, the “next” companies with which the state company, he assured, is going to sign an agreement.

Hoy firmamos un acuerdo trasversal entre PDVSA y la empresa Maurel & Prom para incrementar la producción petrolera y gasífera en el Lago de Maracaibo, contribuyendo a potenciar las capacidades de nuestra industria en beneficio de la recuperación integral de la economía nacional. pic.twitter.com/OuqkyCyCXW

— Rafael Tellechea (@TellecheaRuiz) November 8, 2023

Taken from Doble Llave

(Referential image source: @PDVSA, social network)

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