NRGBriefs: Venezuela Still Has Most Potential in LatAm to Boost Production

(Energy Analytics Institute, 6.Mar.2022) — Energy briefs including Colombia’s state owned Ecopetrol aims to boost combined oil and gas production to 730 Mboe/d in 2024 and between 800-850 Mboe/d in 2030; Venezuela producing 791.8 Mb/d in mid-January 2022; and Venezuela being the lone country in the Latin America and the Caribbean with the most potential to boost oil production if certain conditions are met.

LATIN AMERICA AND THE CARIBBEAN

Colombia

— Colombia’s state owned Ecopetrol aims to boost combined oil and gas production to 730 Mboe/d in 2024 and between 800-850 Mboe/d in 2030, according to the co.’s 2040 Strategy dubbed “Energy that Transforms.” This compares to average production of 679 Mboe/d in 2021.

Venezuela

— Energy Analytics Institute (EAI) believes Venezuela — home to the world’s largest oil reserves — is the lone country in Latin America and the Caribbean with the most potential to boost oil production if US sanctions are eased, foreign operators such as US-based Chevron Corp. and others begin to invest again in the oil sector, ample naphtha supplies are procured from abroad to assist in the production and transport of Venezuela’s heavy and extra heavy oil, and most importantly, capital is invested again in the country’s four heavy oil upgraders. Venezuela’s production reached 791.8 Mb/d on 16 Jan. 2022, according to docs seen by Energy Analytics Institute, down from around 3.2 MMb/d in 2008. Avg. production between 1-16 Jan. 2022 was 863,400 b/d, according to the docs.

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By Ian Silverman, Aaron Simonsky and Piero Stewart. © Energy Analytics Institute (EAI). All Rights Reserved.