Strategic Expansion of the Orinoco Oil Belt
The development of the Orinoco Oil Belt (Faja Petrolífera del Orinoco) represents the cornerstone of CVP’s operational strategy. To meet the ambitious national production targets of 1.2 – 1.3 million barrels per day by 2025–2026, CVP is spearheading a massive scaling of joint venture outputs. This involves the deployment of intensive drilling campaigns and the activation of dormant wells through advanced workover techniques. By leveraging strategic alliances with international partners, we are implementing high-density cluster drilling and horizontal well architectures that significantly increase the recovery factor of extra-heavy crude reservoirs.
Beyond raw extraction, CVP is optimizing the entire upstream value chain to ensure production stability. This scaling effort is supported by the expansion of surface infrastructure, including high-capacity gathering stations and enhanced diluent distribution networks. The integration of real-time monitoring systems allows for precise reservoir management, ensuring that the increase in volume is both sustainable and aligned with long-term pressure maintenance strategies. These initiatives solidify CVP’s role as the primary engine for Venezuela’s energy resurgence.
Technological Evolution and Upgrader Modernization
A critical component of our value proposition is the comprehensive technological overhaul of our upgrader complexes. To meet the evolving demands of the global market, CVP is investing in the modernization of primary transformation units, focusing on delayed coking and hydrocracking processes. This modernization is specifically designed to convert 8° API extra-heavy crude into more versatile and high-demand commercial blends, such as Merey 16. By upgrading metallurgical components and optimizing thermal cracking cycles, we are increasing the reliability and throughput of these facilities, ensuring they can operate at peak capacity.
The modernization program extends to the integration of advanced automation and environmental control systems within the industrial complexes. By installing state-of-the-art digital control rooms and energy-efficient boilers, CVP is reducing the carbon intensity of the upgrading process while maximizing the quality of the final export product. These engineering advancements not only enhance the marketability of Venezuelan crude but also ensure that our processing hubs, such as the Jose Industrial Complex, remain competitive benchmarks in the global heavy-oil industry.