Thursday, February 2, 2023
HomeHeadlinesPDVSA to restart output at offshore Corocoro field


To our FREE newsletter
Get all the latest maritime news delivered straight to your inbox.

PDVSA to restart output at offshore Corocoro field

Venezuela’s state oil company PDVSA is preparing to restart crude output at the offshore Corocoro field as soon as next week, oil union representative Marcos Padovani and two other people familiar with the matter said on Thursday.

Petroleos de Venezuela SA, as PDVSA is formally known, plans to use the medium Corocoro-grade crude to feed its domestic refineries, said the people. PDVSA is facing a shortage of medium and light crudes, which it also needs to dilute its extra-heavy crude.

The company is currently transporting an electric generator to the field to start output, the people said.

The field, part of the Petrosucre joint venture 74% owned by PDVSA and 26% owned by Italy’s Eni SpA had been idle since 2019, when U.S. sanctions aimed at ousting Venezuelan President Nicolas Maduro cut off the venture’s access to U.S. customers.

It produced 23,900 barrels per day (bpd) in 2017, according to the U.S. Energy Information Administration.

The company is aiming to produce 2,000 bpd initially before ramping up output to 7,000 bpd in one month and 11,000 bpd by October, said Padovani, a representative of the FUTPV union and member of a workers’ council at PDVSA.

Neither PDVSA nor Eni immediately responded to requests for comment.

The additional feedstock for refineries could help ease debilitating fuel shortages that have plagued the crisis-stricken OPEC nation for more than a year.

The crude would be stored on the Nabarima floating storage and offshore (FSO) facility, which experienced mechanical issues last year causing it to tilt, prompting concerns that the crude stored aboard could spill. After correcting the problem, PDVSA completed offloading the crude in April.

Venezuela’s crude output fell to 614,000 bpd in July, down from 633,000 bpd in June, according to figures the country provided to OPEC.

Source: Reuters

Related Posts


Finance & Economy
Shipping News

Wartsila: A challenging year with strong annual growth

HIGHLIGHTS FROM OCTOBER–DECEMBER 2022 Order intake decreased by 24% to EUR 1,638 million (2,150)Service order intake increased by 6% to EUR 791 million (747)Net sales...

Hapag-Lloyd achieves extraordinarily strong result in its anniversary year 2022

On the basis of preliminary and unaudited figures, Hapag-Lloyd has concluded the 2022 financial year – in which it celebrated its 175th anniversary –...

Bahri sees profits soar in 2022

Saudi Arabia’s Bahri has seen its profits soar by over 400% in 2022 following a boom in tanker rates, boosting the shipping giant’s oil...

Euronav Files Second Arbitration Against Frontline

Euronav NV hereby informs its shareholders that on 28 January 2023 it has filed an application request for arbitration on the merits in relation...

Oaktree looking at block sale of existing shares in Hafnia Limited

OCM Luxembourg Chemical Tankers S.à r.l. which is ultimately controlled by funds managed by Oaktree Capital Management L.P. (the "Seller") has retained Fearnley Securities,...

Luxury Cruise Market Holds Much Promise For Greek & East Med Hidden Gem Destinations

The appeal of Greece and the East Mediterranean as an ideal region for luxury...

Baltic index falls to over 2-year low as larger vessel rates slide

The Baltic Exchange’s dry bulk sea freight index fell to its lowest since June...

Baltic index logs worst month in 3 years

The Baltic Exchange’s main sea freight index registered its biggest monthly percentage fall in...

Baltic index snaps 9-day losing streak as panamax, supramax rates rise

The Baltic Exchange’s main sea freight index snapped its nine-session losing streak on Tuesday,...

Cyprus shipping making waves – report

Cyprus shipping, the steady driver of the economy, is sailing for better times, having...

Luxury Cruise Market Holds Much Promise For Greek & East Med Hidden Gem Destinations

The appeal of Greece and the East Mediterranean as an ideal region for luxury cruising will be one of the main highlights of the...

Port of Los Angeles proposes cruise terminal project

The Port of Los Angeles is inviting comments on a draft Request for Proposals (RFP) for the future development of a new Outer Harbor...

Port of Long Beach Closes 2022 with Second-Busiest Year

The Port of Long Beach marked its second-busiest year on record by moving 9.13 million twenty-foot equivalent units in 2022, allowing for a return...

Hapag-Lloyd AG acquires share in J M Baxi Ports & Logistics Limited

Hapag-Lloyd AG signed a binding agreement today under which it will acquire 35% of J M Baxi Ports & Logistics Limited (JMBPL) from a...

Nigeria opens ‘game changer’ billion-dollar deep seaport

Nigeria opened a billion-dollar Chinese-built deep seaport in Lagos on Monday, which is expected to ease congestion at the country’s ports and help it...