Oil & Gas Venezuela's Oil Production Rises
Oil India Ltd (OIL) has announced that accelerated early production from its fields in Venezuela. The current production is coming from first development well under accelerated early production plan of the project.
New Delhi/India – The well is presently under stabilization and producing few hundred barrels of heavy oil per day. With this humble beginning, the development would be on full swing and it is expected to achieve a target of around 90,000 barrels per day under the accelerated early production plan by the end of 2015.
The project, when it is fully developed as per its master development plan, is expected to produce around 400000 bbl per day and will involve construction of a highly complex Upgrader to make the heavy crude transportable through pipeline network. Besides the wells in Venezuela, OIL is also currently producing from its shale assets in United States of America, which was acquired by OIL in Oct 2012.