Iranian condensate will help Venezuelan national energy firm PDVSA to boost its crude output in several of its key projects.
On Wednesday, Wills Rangel, a PDVSA board member and a union leader, mentioned that crude output oilfields associated with the Petrocedeno, Petropiar, and Petrolera Sinovensa projects will be boosted by a cargo of Iranian condensate that arrived in the country last week.
The 2.1 million barrel cargo of condensate with the Iran flag on it, Dino I, has started discharging its first cargo for Sinovensa.
The deal was achieved by the works of Petroleos de Venezuela SA (PDVSA) and the National Iranian Oil Company (NIOC) since diluent shortages impede PDVSA’s ability to mix the extra-heavy crudes from the Orinoco oil belt for transportation and export.
Rangel said that PDVSA will reactivate the production of the inactive wells. He estimated Venezuela’s total crude production at 750,000 bpd, higher than the average of 641,000 bpd.
Venezuela aims to boost output to 1 million bpd by year-end.
