The country’s state-owned oil company PDVSA has struggled to bring new crude production on line in the eastern unconventional oil belt, but now management believes Venezuela can begin to meet production targets.
One PDVSA executive said last week that the first of the new heavy oil ventures, the Petro-macareo project between PDVSA and Vietnam’s Petrovietnam, is close to beginning production.
PDVSA owns a controlling stake in the 200,000-barrels-per-day Junin 2 project, which is being developed by the Petromacareo venture.
PDVSA
