Floating oil facility arrives in Venezuela for China Concord’s project, sources say
By Marianna Parraga and Chen Aizhu
(Reuters) -Korezuela China Concord Resources Corp operated by the first new floating facility, which produces raw in a project of $ 1 billion, came to Lake Maracaibo, the second largest output area of the country according to two sources and image.
The Chinese company, known as the CCRC, is moving to increase the output in two basic oil fields in West Venezuela – Lago Cinco and Lagunillas Lago, and now hopes to reach 60,000 barrels a day from 12,000 BPDs to the end of next year. It is a rare support of a private Chinese company in the OPEC country, approved by the US, which is struggling to attract foreign investments.
CCRC last year within a 20 -year production sharing agreement, the government company PDVSA and the participation of oil fields began to negotiate. The company sent talented Chinese personnel to develop oil fields, which aim to reopen approximately 100 wells.
According to ship monitoring data, photographs and videos seen by Reuters, Jackup Rig Alula, a self -elegant sea platform, came from the port of Zhouse, China. Last weekend, he passed the Maracaibo Lake Bridge and was directed by a tugboat to his last position in Lagunillas.
Sao Tome and Principle-Fagged Jackup are the first major infrastructure to be built on Lake Maracaibo over the years. The US first applied sanctions to Venezuela in 2019.
PDVSA and Venezuela did not immediately respond to the requests for comments.
Sources told Reuters last month, Lago Cinco and Lagunillas Lago are expected to produce a slight and heavy fat mixture, and light crude oil given by heavier crude oil than PDVSA and China will be given.
PDVSA, who controlled joint ventures and contracts in Venezuela, stabilized the oil output at about 1 million BPD this year. Exports last month’s highest level of nine months rose to 966,500 BPD.
(Reporting by Marianna Parraga; Nathan Crooks, Editing by Rod Nickel)
