HomeEconomyOilTexas oil businessmen sign agreement with PDVSA to increase production

Texas oil businessmen sign agreement with PDVSA to increase production

600 wells will be exploited in a first stage until reaching 3.000 in a year and a half. The company already has pre-approval from Ofac, being the first license granted under order 44A

Texas oil businessmen signed a memorandum of understanding this Tuesday with Petróleos de Venezuela (Pdvsa) through which the operation of 3.000 wells is established over a period of a year and a half in the Orinoco Oil Belt.

“The importance of this memorandum of understanding and the future contracts with the Texas company, Sunergon Oil, is that it will allow this operator to establish new ties with the Venezuelan oil industry and make important operational investments in the more than 15 thousand oil wells that are around. of the belt and the East of the country,” said Alejandro Terán, president of the Latin American Association of Oil Businessmen of Texas, Alep.

Terán explained to Últimas Noticias that in a first stage 600 wells will be addressed and in a second stage reach 1.200 and cover a third phase that will culminate in a year and a half with 3 thousand wells. "We are going to make a significant investment in more than 16.000 oil wells so that in the next three years Venezuela reaches production of 3.250.000 bpd, thus recovering 80% of its capacity."

It should be noted that this Texas company already has pre-approval from Ofac to carry out this operation, thus being the first license granted under the new executive order 44A.

“Thus, Sunergon Oil Operation Group LLC is the first Texan company member of the Latin American Association of Texas Oil Businessmen that will increase oil production in the next 6 months,” he said.

“At Alep we believe that we can face the electrical system and the operating system in common union with the workers of PDVSA and the community, this challenge that the global stability of the oil market means for Venezuela.

“On this occasion, Sunergon Oil, the company that established this first agreement with PDVSA, has great experience in productivity, in improvers. The interconnection between Texas and Venezuela, historic for many years, has allowed engineers from both countries to establish commercial ties 

"I consider that with the signing of this memorandum of understanding with PDVSA the beginning of the lifting of sanctions against Venezuela is established. I consider that it will be the formula that should be used to unravel the very serious own goal that the sanctions against Venezuela represented in the oil market. North American,” said Terán.

He recalled that Texas is in crisis and has a deficit of 4 million barrels and is importing oil and gasoline to cover it.

“The coming winter of 2024 could become the winter of 1971, when Americans really had a very cold Christmas. The increase in consumption in Texas and the State apparatus with a view to elections at the end of this year, places the US in an economic boom and needs to cover its oil quota,” he warned.

At this moment, the stability of the North American market and the world market is focused on the Orinoco oil belt and the 4.250.000 barrels of oil per day of installed capacity that Venezuela has.

“In Texas, we are eager to start these operations so that we can efficiently begin the recovery process of this very important industry,” he said.

Terán, on behalf of Alep, called on US President Joe Biden to begin with this process the lifting of sanctions on the Venezuelan oil industry and allow this dramatic event that has severely affected the Texan market to normalize relations between Texas and Venezuela and allow oil productivity to meet the needs of the markets that currently have a very significant deficit due to the decline in oil production derived from the fracking.

Terán reported that through Sunergon Oil, they will promote the creation of a gas processing system in Monagas to establish an energy system through gas processing for the regional clusters of each of the states. “Venezuela has the capacity to have one million barrels a day in the next 180 days, which would allow it to stabilize the national and international oil market,” he insisted. 

He explained that with this project the 140.000 gallons of methane gas that are lost daily between Monagas and Anzoátegui could be reversed. “It is proposed to put turbines in each oil cluster that will self-generate electricity and thus not take away energy from the national national electrical system. The idea is to reuse the gas that is thrown away from the upgraders, a gas self-management service for energy generation, which will also positively impact the surrounding communities,” he explained.

 Citgo Execution

The Latin American Association of Oil Businessmen of Texas, through a statement requested “the immediate suspension of the execution of Citgo”, because it would represent chaos in fuel and chaos due to the wild increase that could be approaching at the end of this summer 7 dollars per gallon, which would be terrible for the North American economy, an economy based on gasoline transportation

Terán insists that the main interested party in issuing these protection orders to prevent the embargo from being executed Citgo It is the US government itself. “Because if it happens, they are going to dismantle it and it would lose the fuel refining capacity, which is a terrible crisis that the US is having right now, which has just imported 4 million barrels of fuel at this moment,” he commented.

In his opinion, if the embargo on the company is carried out due to non-payment of oil bonds, the North American state itself “would be scoring an own goal,” because Citgo is one of the main refineries located in the country with the distribution network. largest fuel tank that serves the entire country.

Citgo is at risk of being seized due to the country's non-payments, a situation in which a group of creditors has seizure orders that, to be executed, require authorization from the Office of Foreign Assets Control (OFAC).

He also insisted that a National Energy Agreement must be held in Venezuela as well as a Committee of victims of the Citgo embargo, to request the president of the United States (USA), Joe Biden, to delay the execution process of the Venezuelan company affiliated with PDVSA.

Leave a response

Please enter your comment!
Please enter your name here