Now, heavy crude
in the Middle East was available at a discount.
RIL had signed a 15-year heavy crude
oil supply contract and an MoU with PDVSA to further develop Venezuela's heavy oilfields.
The country's State Oil Marketing Organisation (Somo) did not allocate any supply of Basra Heavy crude
in May, indicating a delay, four industry sources familiar with the matter said.
Later Patra explained: "PDVSA will provide us [with] technology for bringing out the heavy crude
oil as well as making it useable as feedstock in power plants".
After the heavy crude
is separated from the sand and clay, it is mixed with a lighter petroleum product to help it flow easily through pipelines.
GSAE is developing technology to reduce the carbon footprint, minimise environmental impact and transform the economic performance of this new generation of heavy crude
oil refining processes.
Figure 2-1: International Light Crude - Heavy Crude
Price Differentials - Western Canada, Maya, Arabian Heavy, Brent, WTI (1983-2011)(%)
Venezuela has the world's largest proven crude oil reserve and investment into the development of heavy crude
oil/extra heavy crude
oil is expected.
However, if any entity offers buy-back or finance investments on non-associated or heavy crude
oilfields, we will welcome the offers," Qalebani explained.
This collection of twenty-four articles on heavy crude
oil provides an overview of the science and technology surrounding the effective extraction and use of this viscous petroleum product.
Oil-rich states, such as Saudi Arabia and Kuwait, are working hard to bring on stream more of the heavy crude
oil deposits, and Iran and Iraq are set to follow suit.
signed a joint-venture agreement that will require a $20 billion investment to pump and refine heavy crude
oil at the Junin 4 block of the Orinoco Belt.