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BREAKING
Israeli media: Intense US efforts are being made to resolve differences, such as the issue of the Israeli presence on Mount Hermon and in southern Syria
Israeli media: The security agreement means amending the disengagement agreement, which will also address the Druze issue
Israeli media: Attempts to reach a security agreement between 'Israel' and Syria were among the topics discussed at the Paris meeting
Israeli media: Sheikh Muwaffaq Tarif rejected a US proposal to join the recent tripartite meeting between Tom Barrack, al-Shaibani, and Dermer
Saba News Agency: Two martyred, five injured in a preliminary toll of the Israeli aggression on the Yemeni Oil Company station on Al-Sitteen Street in Sanaa
Senior Yemeni military source to Al Mayadeen: We observed a state of confusion among the enemy's aircraft squadron after Yemeni air defenses intercepted the attack
Senior Yemeni military source to Al Mayadeen: The Yemeni air defense forces succeeded in neutralizing a squadron of enemy aircraft and prevented airstrikes on some governorates
Senior Yemeni military source to Al Mayadeen: Our air defenses and missile forces forced a formation of enemy aircraft to flee the airspace
Member of the Ansar Allah Political Bureau, Mohammed al-Bukhaiti: The Israeli aggression on Yemen will not deter us from continuing to support Gaza, no matter the sacrifices
Al Mayadeen's correspondent: The Israeli aggression targeted the Yemeni Oil Company station on Al-Sitteen Street, southwest of the capital, Sanaa, with several raids

Iranian Condensate to Help Venezuela Boost Crude Production

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