October Venezuela oil output up with condensate

  • : Crude oil
  • 22/11/02

Venezuela October oil production reached 765,000 b/d, according to an analysis of PdV figures seen by Argus, a gain of more than 100,000 b/d on figures PdV reported in September.

Iranian condensate, which is used to dilute heavy Venezuelan crudes to make them flow more easily from the wellhead, has played a key role in rising production, according to PdV, its foreign partners and analysts. From January to October about 53,000 b/d of Iranian condensate arrived in Venezuela, up from 25,000 b/d in the same period a year earlier, according to oil analytics firm Vortexa. This may exclude some shipments, such as those from vessels in dark fleets which turn off shipping signals. Iranian condensate imports to Venezuela reached 66,200 b/d in October.

The most recent shipments include a 2mn bl cargo at the Jose port on the tanker Herby on 11 August, a 1.95mn bl cargo on the Serena on 15 August and 2.1mn bl on the Huge on 3 October, according to Vortexa. Another cargo is expected in mid-November, a source at one of PdV's international partners told Argus.

Venezuela is paying for the condensate by barter, trading three barrels of Merey 16°API crude for every single barrel of Iranian condensate, according to the source.

PdV tries to separate out the condensate when it goes through upgraders, so it can be reused at the wellhead to dilute heavy crude for transport. But that has not been happening consistently, and sometimes the condensate is refined into finished fuels.

The 765,000 b/d figure is an analysis of PdV data done by Caracas-based analysts Gas Energy.

PdV is drawing production from new wells in the area south of Maracaibo Lake in Zulia state starting in October, Gas Energy told Argus, which has stopped a noticeable decline in production from the country's Occidente division. But flooding and an uptick in street crime in the region cut output there to 98,180 b/d, down from nearly 150,000 b/d.

The Orinoco belt produced 490,000 b/d in October, foreign and minority stake holders were told last week, while the Oriente produced more than 180,000 b/d.


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24/06/17

Iran rebukes G7 over nuclear warning: Update

Iran rebukes G7 over nuclear warning: Update

Adds quotes from IAEA director general Dubai, 17 June (Argus) — Iran's foreign ministry has called on the G7 to distance itself from "destructive policies of the past" after the group issued a statement condemning Tehran's recent nuclear programme escalation. "Unfortunately, some countries, driven by political motives and by resorting to baseless and unproven claims, attempt to continue their failed and ineffective policy of imposing and maintaining sanctions against the Iranian nation," the foreign ministry's spokesperson Nasser Kanaani said on 16 June. Kanaani advised the G7 "to learn from past experiences and distance itself from destructive past policies". His comments were in response to a joint statement from G7 leaders on 14 June warning Iran against advancing its nuclear enrichment programme. The leaders said they would be ready to enforce new measures if Tehran were to transfer ballistic missiles to Russia. The G7's reference to Iran comes on the heels of a new resolution passed by the board of governors of the UN's nuclear watchdog the IAEA . The resolution calls on Iran to step up co-operation and reverse its decision to restrict the agency access to nuclear facilities by de-designating inspectors. Kanaani said "any attempt to link the war in Ukraine to the bilateral co-operation between Iran and Russia is an act with only biased political goals", adding that some countries are "resorting to false claims to continue sanctions" against Iran. Tehran will continue its "constructive interaction and technical co-operation" with the IAEA, Kanaani said. But the agency's resolution is "politically biased", he said. Not an "anti-Iran" policy In an interview with the Russian daily newspaper Izvestia published today, IAEA director general Rafael Grossi refused claims of political bias. "We do co-operate with Iran. I don't deny this. This is important for inspection. My Iranian colleagues often say that Iran is the most inspected country in the world. Well, it is, and for good reason. But this is not enough," Grossi said, adding that the IAEA does not adhere to an "anti-Iran policy". Grossi also stressed the need for countries to return to diplomacy with Iran, while expressing concerns over the expansion of its nuclear programme. "Russia plays a very important role in this diplomacy, trying to keep the Iranian programme within a predictable and peaceful framework. But again, everything needs to be controlled," he said. The IAEA's new resolution and the reference to Iran in the G7 statement could be the start of a more concerted effort to raise pressure on Tehran over its nuclear programme. "What is happening right now is the process of accumulation of resolutions, so that when the day comes and the IAEA makes a referral to the UN Security Council, there will be enough resolutions to make a case for action at the security council level," a diplomatic source told Argus . Iran is enriching uranium to as high as 60pc purity. Near 90pc is considered to be weapons grade, according to the IAEA. By Bachar Halabi Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Japex takes control of Norway-focused upstream venture


24/06/17
24/06/17

Japex takes control of Norway-focused upstream venture

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Iran rebukes G7 after warning over nuclear escalation


24/06/17
24/06/17

Iran rebukes G7 after warning over nuclear escalation

Dubai, 17 June (Argus) — Iran's foreign ministry has called on the G7 to distance itself from "destructive policies of the past" after the group issued a statement condemning Tehran's recent nuclear programme escalation. "Unfortunately, some countries, driven by political motives and by resorting to baseless and unproven claims, attempt to continue their failed and ineffective policy of imposing and maintaining sanctions against the Iranian nation," the foreign ministry's spokesperson Nasser Kanaani said on 16 June. Kanaani advised the G7 "to learn from past experiences and distance itself from destructive past policies". His comments were in response to a joint statement from G7 leaders on 14 June warning Iran against advancing its nuclear enrichment programme. The leaders said they would be ready to enforce new measures if Tehran were to transfer ballistic missiles to Russia. The G7's reference to Iran comes on the heels of a new resolution passed by the board of governors of the UN's nuclear watchdog the IAEA . The resolution calls on Iran to step up co-operation and reverse its decision to restrict the agency access to nuclear facilities by de-designating inspectors. Kanaani said "any attempt to link the war in Ukraine to the bilateral co-operation between Iran and Russia is an act with only biased political goals", adding that some countries are "resorting to false claims to continue sanctions" against Iran. Tehran will continue its "constructive interaction and technical co-operation" with the IAEA, Kanaani said. But the agency's resolution is "politically biased", he said. The IAEA's new resolution and the reference to Iran in the G7 statement could be the start of a more concerted effort to raise pressure on Tehran over its nuclear programme. "What is happening right now is the process of accumulation of resolutions, so that when the day comes and the IAEA makes a referral to the UN Security Council, there will be enough resolutions to make a case for action at the security council level," a diplomatic source told Argus . Iran is enriching uranium to as high as 60pc purity. Near 90pc is considered to be weapons grade, according to the IAEA. By Bachar Halabi Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

S Africa's ANC, DA agree to form government


24/06/14
24/06/14

S Africa's ANC, DA agree to form government

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UK political parties repeat existing stances on energy


24/06/13
24/06/13

UK political parties repeat existing stances on energy

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