Faja leads Venezuela Feb oil output down

Venezuela's oil production declined in February according to a range of market sources, likely lead by a drop in output from the Faja division in the Orinoco oil belt.

Caracas energy consultants Gas Energy put total February production at 719,600 b/d, down slightly from the 752,000 b/d the company estimated for January.

Consultants ChemStrategy have Venezuela February production at 729,000 b/d, down from the 785,100 b/d the company estimated for January.

Government figures, which tend to be higher than most other sources, were about 738,000 b/d for February, with a peak of 745,000 b/d on 8 February, a government advisor told Argus. A Caracas-based Chevron official told Argus state-owned PdV reported 735,000 b/d of February production in meetings this week.

Gas Energy said Venezuela's Occidente region produced 153,800 b/d in February, while the Faja — which has been responsible for about 60pc of output in recent years — produced 401,000 b/d, down from 447,000 b/d Gas Energy estimated in January. The Oriente region produced 164,800 b/d, according to Gas Energy.

Argus estimated Venezuela production in January of about 720,000 b/d.

By Carlos Camacho