NEW ORLEANS, March 6, 2014 /PRNewswire/ -- 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, which opened here today.
Figuera said the new projects, being developed by PDVSA under several joint ventures with foreign partners, will allow an increase in production of 2.02 million barrels per day of heavy crude, ranging in gravity from 16 to 32 degrees API by 2019. These projects, which have a 20 percent recovery factor, have required an investment of $3.2 billion in the past two years for the development of new processing facilities, pipelines, terminals and other infrastructure.
The new projects include Petromacareo, Petrourica, Petrojunin, Petromiranda, Petrocarabobo and Petroindependencia.
"We are working passionately to continue to develop the resources of the Orinoco Oil Belt, the world's largest heavy crude oil reserves, which have been certified at 297 billion barrels," said Figuera.
The three-day event brings together companies, executives and government officials from 25 countries and provides business executives and technical experts a platform to foster relationships and advance heavy oil development.
Participating companies come from a variety of countries, including Argentina, Brazil, Canada, China, Colombia, France, Kuwait, Mexico, Norway, Russia, Saudi Arabia, Trinidad and Tobago, India and the United States, among others. The PDVSA delegation is being led by Josefina Salazar, president of PDVSA Intevep, the PDVSA research arm, and Nelson Martínez, president and CEO of CITGO Petroleum Corporation.
SOURCE Petroleos de Venezuela, S.A. (PDVSA)