China Concord Resources Elevates Oil Production in Venezuela
China Concord Resources Corp has delivered a new floating facility to enhance crude production at a $1 billion project in Venezuela's Lake Maracaibo. CCRC aims to boost output in two key oilfields to 60,000 barrels daily by next year in the U.S.-sanctioned nation.
The arrival of a new floating facility marks a notable advancement for China Concord Resources Corp (CCRC) in the oil production landscape of Venezuela's Lake Maracaibo. This development is part of a $1 billion project orchestrated by CCRC to bolster crude output in one of the country's pivotal oil regions.
With ambitions set high, CCRC plans to enhance production at the Lago Cinco and Lagunillas Lago oilfields from the current 12,000 barrels per day to an impressive 60,000 barrels daily by the end of next year. The company's efforts come as a significant investment boost in the OPEC member country, which has faced challenges in attracting foreign investment due to U.S. sanctions.
The recent arrival of the jackup rig Alula, prominently from China's Zhoushan port, highlights CCRC's commitment to revitalize oilfield operations. This move underscores a strategic shift involving the reopening of approximately 100 wells, supported by the deployment of skilled Chinese staff. Meanwhile, Venezuela's oil exports have steadying patterns, rising to a recent peak of 966,500 bpd.
(With inputs from agencies.)
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