Each of the companies in charge of the four Strategic Associations that produce synthetic oil from extra-heavy petroleum in the Orinoco Oil Belt, are carrying out projects with investments between 250 and 300 million U$.

The purpose of these disbursements is to increase the capacity of their “upgraders” in order to reach a greater yield of processed petroleum, indicated the new president of the Venezuelan Petroleum Chamber, Antonio Vicentelli.

The strategic associations -Sincrudos de Oriente, Cerro Negro, Hamaca and Petrosuata- pump over 500,000 barrels of crude oil per day. Together with Pdvsa (the Venezuelan state oil company), other transnational companies, such as the Norwegian Statoil, the German Veba Oel, the French Total, and ExxonMobil and Conoco Phillips, from the U.S.A., participate in these projects.

Vicentelli indicated that there is growing interest in the Orinoco Belt among transnational corporations; especially ChevronTexaco, from the U.S.A., and the Anglo-Dutch Shell, which have expressed their interest in carrying out projects in the area, under the provisions of the Law of Hydrocarbons. “The profitability of these projects under these conditions has already been proven”, said Vicentelli, also president of Inelectra, an engineering consulting firm.

Published in Quantum No.33