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PDVSA New Projects to Increase Oil Production in Venezuela-

NEW ORLEANS, March 6, 2014 / PRNewswire -HISPANIC PR WIRE / - Petroleos de Venezuela, SA (PDVSA –by its acronym in Spanish- Venezuela’s national oil company) is working on developing a series of projects dealing with heavy crude oil within the Orinoco Belt; mentioned projects will allow a significant increase in production,  requiring large infrastructure developments, according to Ruben Figuera, director of new projects in the Orinoco Belt, who spoke to delegates present at the World Heavy Oil Congress 2014, which began on March 6 in the city of New Orleans.

Figuera further explained, that mentioned projects being conducted by PDVSA in junction with foreign partners, will allow an increase in daily production consisting of over 2 million barrels of heavy oil ranging between 16 and 32 degrees API 2019.  These projects have an investment recuperation of 20 percent and have required investments of up to $3.2 million dollars in the last two years to be allocated for the development of new processing facilities, pipelines, terminals and other infrastructure.

These new projects are: Petromacareo , Petrourica , Petrojunín , Petromiranda , Petrocarabobo and Petroindependencia .

"We are dedicated in working to develop resources within the Orinoco Belt, the largest reserves of heavy oil in the world, which have been certified to be 297 billion barrels," he said.

The three-day event brought together companies, executives and government officials from 25 countries and was a space in which executives and technical experts could be provided a platform on which to build relationships in order to advance the development of heavy crudes.

Participating companies came from a various countries, including, Argentina, Brazil, Canada, China, Colombia, France, Kuwait, Mexico, Norway, Russia, Saudi Arabia, Trinidad and Tobago, India and the U.S., among others.  The Venezuelan delegation is headed by PDVSA’s Josefina Salazar, president of Intevep, as well as Nelson Martinez, president of CITGO Petroleum Corporation.

SOURCE Petroleos de Venezuela, SA (PDVSA)

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