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BREAKING
Israeli media: Person behind shooting operation at Allenby Crossing is a Jordanian Army soldier.
Israeli media citing Emergency Services: Both wounded in Allenby shooting operation now dead.
Israeli media: One soldier wounded at Allenby crossing now confirmed killed.
Israeli media: Preliminary reports of shooting operation at Allenby crossing with Jordan.
Al Mayadeen's correspondent: Two were martyred in an initial toll of the Israeli drone strike that targeted the al-Asira neighborhood in the city of Baalbek, eastern Lebanon
Al Mayadeen's correspondent: An Israeli drone strike targeted the al-Asira neighborhood east of Baalbek, eastern Lebanon
Sheikh Naim Qassem to the pager attack survivors: You are the greatest resistance. Know that 'Israel' will fall because it embodies aggression, crime, and occupation; victory is truly yours
Sheikh Qassem to the pager attack survivors: The value of what you are doing despite your wounds is immense, and here you are, treading the path of the Master of Nation's Martyrs and the leaders
Sheikh Qassem to the pager attack survivors: You are moving forward with insight deeper than sight itself. The enemy sought to eliminate your role in the battle, yet you remain steadfast and continue the fight
Hezbollah Secretary-General Sheikh Naim Qassem to the pager attack survivors one year later: You are healing from your wounds and rising above them. You have successfully passed the test

Iranian Condensate to Help Venezuela Boost Crude Production

  • By Al Mayadeen
  • Source: Agencies
  • 1 Oct 2021 07:07
2 Min Read

In defiance of US sanctions, Iran and Venezuela continue to cooperate in the field of oil production.

  • x
  • Venezuela has swapped its heavy oil for Iranian condensate
    Venezuela has swapped its heavy oil for Iranian condensate

A senior official at PDVSA told Reuters that the Venezuelan state-run oil company will use a cargo of Iranian condensate that arrived in the country last week to boost output at three key extra-heavy crude projects in its largest oil region.
 
The deal between PDVSA and the National Iranian Oil Company (NIOC) to swap Venezuelan heavy oil for Iranian condensate comes as diluent shortages impede PDVSA's ability to mix its tar-like crudes from the Orinoco oil belt for transportation and export.
 
Wills Rangel, a PDVSA board member and a union leader, said on Wednesday that the condensate would help boost crude output at oilfields associated with three of the company's largest projects, Petrocedeno, Petropiar, and Petrolera Sinovensa. 

"There are many inactive wells due to a lack of diluents," Rangel said. "We will reactivate production."

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Shortages in diluents; a major setback

The diluent shortage is the latest obstacle the OPEC nation's oil industry is suffering from, considering that it has seen production collapse due to years of underinvestment. Moreover, US sanctions have cut the company off from key trade partners, including former suppliers of diluents.

According to a PDVSA schedule, the Iran-flagged tanker Dino I, which brought 2.1 million-barrel cargo of condensate, began discharging its first parcel this week for the Petrolera Sinovensa project.

It is worth noting that Petropiar and Sinovensa are joint ventures between PDVSA and Chevron Corp (CVX.N) and China National Petroleum Corp (CNPET.UL), respectively. PDVSA is now the sole shareholder of Petrocedeno after its former partners, TotalEnergies SE (TTEF.PA) and Equinor ASA (EQNR.OL), exited the project in July. 

Rangel estimated that Venezuela's total crude production mounts to 750,000 barrels per day (bpd), higher than its average 641,000 bpd it had reported to OPEC in August. Venezuelan officials say they aim to boost output to 1 million bpd by the end of the year.

  • Venezuela
  • Oil market
  • Oil
  • Iranian oil
  • Oil Production
  • Oil in Iran
  • Oil prices
  • oil tanker
  • Iran
  • Crude oil

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