JV PetroMonagas produced 35.5 million bbl of oil from its fields in the eastern part of Venezuela’s Faja belt in the first 9 months of 2012, up 18% from output in the same period last year.

TNK-BP, a 16.7% partner with state-owned Petroleos de Venezuela SA, said the current production rate is 137,800 b/d, rising toward an eventual target of 149,000 b/d.

The joint venture produces 8.1º gravity crude from its 185-sq-km block north of the Orinoco River and upgrades it to 16º gravity oil.

PetroMonagas is studying opportunities to raise production from its fields to 200,000-210,000 b/d through additional drilling, expansion of the central processing facility, and increased capacity of the heavy oil upgrader, TNK-BP said.