PetroMonagas lifts Venezuelan Faja output

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.
Nov. 1, 2012

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.

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