• Ar
  • Es
Al Mayadeen English
  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Feature
  • Videos
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Feature
Videos
Infographs
In Pictures
  1. Home
  2. News
  3. Economy
  4. Iranian Condensate to Help Venezuela Boost Crude Production
Economy

Iranian Condensate to Help Venezuela Boost Crude Production

  • By Al Mayadeen
  • Source: Agencies
  • 1 Oct 2021 08:07

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

  • 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."

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

Trending Now

All
A gas flare on an oil production platform alongside an Iranian flag in the Gulf (Reuters)

China offloads 4 mln barrels of Iranian oil into state reserves

Most Read

US steals Syria's oil.

US occupation loots most of Syria’s oil: Ministry

  • MENA
  • 9 Aug
The Mapping Project: How to make Zionists pay for their crimes

The Mapping Project: How to make Zionists pay for their crimes

  • Opinion
  • 9 Aug
Dumped chemical weapons litter the ocean floors (Euronews)

100,000 tons of Nazi chemical weapons at bottom of Baltic Sea: Reports

  • Europe
  • 9 Aug
China: Will it now Toss Caution to the Wind?

China: Will it now Toss Caution to the Wind?

  • Analysis
  • Today

Read this

All
Famous actress Gina Lollobrigida will be running for Italian election
Europe

Cinema legend Gina Lollobrigida will be running for Italian election

  • Today
South Korea slams Tokyo's visit to notorious Japanese shrine
Asia Pacific

South Korea slams Tokyo's visit to notoriously imperialist shrine

  • Today
Scott Morrison during Question Time in the House of Representatives on Oct 8: his government's record has been anything but patient or consistent. (Getty Images)
Asia Pacific

Canberra opens investigation into ex-PM Morrison's abuse of power

  • Today
Cracks can be seen on dried up bed of Tittesworth Reservoir, in Leek, Britain, August 12, 2022. (Reuters)
Europe

UK fails to invest in water networks to avoid severe droughts

  • Today
Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • About Us
  • Contact Us
  • Authors
Android
iOS