Venezuela's Lagoven SA has outlined its operating goals for the mid-1990s.
Lagoven, the biggest operating unit of state oil company Petroleos de Venezuela SA, plans to hike its crude oil productive capacity to 1.63 million b/d by yearend 1996 from about 1.115 million b/d projected at yearend 1990.
Lagoven Pres. Julius Trinkunas estimates Lagoven crude production will average 1.445 million b/d in 1996, compared with the current 863,000 b/d.
Venezuela is targeting an increase in its productive capacity to 3.65 million b/d by 1995 (OGJ, Oct. 29, Newsletter).
BIG DRILLING JUMP
That will entail a sharp increase in exploratory and development drilling. Trinkunas projects Lagoven will drill a total of 740 wells in 1996, about four times the level projected for 1990. Separately, Lagoven plans a sharp boost in infill drilling to increase output of extra heavy crude to accommodate expansion of Orimulsion output.
Trinkunas estimates yield of Orimulsion, an emulsion of extra heavy crude/water/surfactant marketed as a boiler fuel, will jump to 400,000 b/d by 1996 from the present 50,000 b/d. Plans call for Lagoven to drill 866 wells targeting extra heavy crude reservoirs and 1,461 injection wells for steam injection.
PROCESSING STRATEGIES
In the next 5 years, the company will boost production of natural gas liquids to 87,000 b/d from 35,000 b/d.Involved are plans for three new gas processing plants in western Venezuela and two in eastern Venezuela.
That does not include any facilities that might be related to the Cristobal Colon project Lagoven is undertaking with Exxon Corp., Royal Dutch/Shell Group, and Mitsubishi Corp. (OGJ, July 2, p. 31).
Lagoven's three priorities in its downstream businesses are:
- Upgrading the Amuay refinery to produce cleaner products required by new environmental regulations in Europe and the U.S.
- Investing in petrochemical projects that complement Amuay's refinery yields.
- Adding refinery capacity to process increased volumes of heavy and extra heavy crudes from southern Monagas state.
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