Sunday, May 28, 2023

New management at Venezuela’s PDVSA expected to boost production, refining

CARACAS – The new management of Venezuela’s state-owned PDVSA hopes to increase the country’s oil production to 1.17 million barrels per day (bpd) by the end of the year, while boosting refining and exploration. An internal scheme for is shown. document.

Venezuela’s monthly crude output exceeded 800,000 bpd in April for the first time since December 2021, after restructuring following the opening of an anti-corruption investigation into the company, which required audits of all its operations, subsidiaries and joint ventures. was required, discovering some $21 billion in accounts receivable.

A US license allowing Chevron Corp to revive operations has also helped revive the country’s crude production and exports since late last year.

PDVSA’s new president, Pedro Telecchia, and a new board of directors this year have reviewed supply contracts and business alliances with the aim of collecting outstanding debts, optimizing operations and increasing production.

According to a plan presented by Telechia last week to company employees seen by Reuters on Monday, PDVSA expects to increase crude output to about 390,000 bpd by the end of the year, with gas output to 645 million cubic feet per day (mmcfd). Will increase till Increase refining by 20% to deliver 2,270 mmcfd and an additional 90,000 bpd of fuel internally.

PDVSA aims to export around 1 million bpd of crude oil and fuel and 800,000 tonnes of petcoke per month by the end of the year, which is higher than the average of 660,000 bpd of crude and fuel and 530,000 tonnes of coke it has exported. Year

One of the key projects to reach these goals is to restart next month the PDVSA-controlled Petromonagas upgrader, which has been out of service since December after a fire, to export about 80,000 bpd of extra heavy crude. can be converted into suitable varieties.

If it achieves its goals, which it has repeatedly failed to do in the past, PDVSA could turn in $4.2 billion in cash flow this year.

The company also plans to drill three exploratory wells in the western region of the country this year.

Nation World News Desk
Nation World News Desk
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