PANAMA CITY, PANAMA / HOUSTON, TEXAS (Editors at Energy Analytics Institute, 6.Jun.2025, Words: 649) — In the 1990s, international oil companies (IOCs) including ExxonMobil Corporation and ConocoPhillips led construction of 4 upgraders in Venezuela. These upgraders improve or upgrade heavy and extra heavy crude oil (EHCO) into a synthetic or syncrude readily digested by a number of refineries specifically placed on the US Gulf Coast.
For its part, state-owned Petróleos de Venezuela, S.A. (PDVSA) owns 6 refineries in Venezuela with a combined capacity to process 1.3 million barrels per day (MMb/d). However, owing to years of neglect, the combined utilization rate of Venezuela’s domestic refining system remains well below the 30% mark.
