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Venezuela crude output drops

slightly to 520,000 bpd in August

VENEZUELAN crude oil output report- Ayacucho yielded 96,000 bpd, Junín 46,000 bpd
edly dropped to 520,000 barrels per day in and Boyacá 8,000 bpd in the same month, they
August, below the target figure of 535,000 bpd said.
announced by Oil Minister Tareck El Aissami Crude oil production in Venezuela has
earlier this year. The August figure represented a dropped significantly over the last 18 months.
drop of 0.76% on the July figure of 524,000 bpd, This is partly because the coronavirus (COVID-
according to official daily production reports 19) pandemic has undermined global energy
cited by S&P Global Platts. demand and partly because the US sanctions
Einstein Millan, an industry analyst based in regime has stymied the country’s ability to
Caracas, asserted that PdVSA and its partners export oil. In turn, the dive in exports, along
had not reached their production goals because with the loss in oil revenues, has forced PdVSA
they did not have the diluents they needed to shut wells and slash the number of rigs used
to transport and upgrade extra-heavy crude. to drill for crude. ™
“We don’t know how much diluent PDVSA
has imported,” he told Platts. “There has been a
modest increase in domestic production of light
crude, which has somewhat relaxed the need for
these imports.”
The reports also indicated that the national
oil company (NOC) PdVSA and its partners in
the Orinoco Belt had extracted 290,000 bpd in
August. This was steady on the July figure but
was 250,000 bpd below the government target
of 540,000 bpd, they said.
The Orinoco Belt oil basin in south-east
Venezuela contains some of the largest crude
reserves in the world. It is home to four main
blocks known as Carabobo, Ayacucho, Junín
and Boyacá. PdVSA has already formed seven
joint ventures with foreign partners to extract
oil from these fields and is carrying out another
nine development projects on its own.
The documents cited by Platts said that
crude output at the Carabobo block had aver-
aged 140,000 bpd in August. Meanwhile, The Orinoco Belt is home to four main oil-bearing blocks (Image: JOGMEC)

GUYANA
New discoveries made at Pinktail

and Turbot sections of Stabroek

EXXONMOBIL Guyana, a subsidiary of many details, but it did say it had “encountered
the US-based super-major ExxonMobil, 220 feet (67 metres) of net pay in high-quality
has announced two new finds at the prolific hydrocarbon bearing sandstone reservoirs” in
Stabroek block offshore Guyana. the Pinktail-1 well.
According to a company statement, one of ExxonMobil’s second discovery was made
the latest discoveries occurred at the Pinktail at Turbot-2, which was drilled to appraise the
section of the block. ExxonMobil did not reveal Turbot-1 find.

Week 36 09•September•2021 www. NEWSBASE .com P7