Friday, September 2, 2011

Venezuela gears up for offshore oil exploitation

Venezuela gears up for offshore oil exploitation

Ricardo Rojas, Press TV, Caracas

Venezuela's state oil company, Pdvsa, is considering developing offshore exploitation of hydrocarbons with equipment produced locally.

Although many have criticised that the gas industry has taken a lot of time to kick off, the government seems determined to overcome obstacles to fulfil the enterprise
Pdvsa is currently moving the first platform assembled in Venezuela to the Corocoro Field, its final destination in the Gulf of Paria, where oil and gas production are expected to be increased from 30,000 to 70,000 barrels per day.
With an investment of $800 million, the construction of the 7,500-ton structure began in 2006 thanks to an offshore joint venture formed by Pdvsa's subsidiary Petrosucre, and Italian state company ENI.
ENI has a 26% stake in the offshore block Gulf of Paria West, and PDVSA holds the remaining 74%. Corocoro is just one of the fields that make up the block and has an estimated reserve of 430 million barrels of crude oil.
The future offshore natural gas industry is also expected to optimise the electric energy sector which currently falls into costly expenses for the use of diesel, as well as improve the life of communities making a living near production centres.

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