Venezuela
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ChevTex considers expanding Hamaca

Bnamericas Published: Tuesday, April 20, 2004
US oil company ChevronTexaco (NYSE: CVX) could expand its Hamaca extra-heavy crude upgrade project in Venezuela, Reuters quoted the company's Latin America president Alí Moshiri as saying. "If there's more opportunity in that area, we'll take a look at it," he said. Hamaca processes crude from the Orinoco belt, where reserves are so great that the exploration cost "is very close to zero because the oil is there," Moshiri said. Hamaca presently mixes some 80,000 barrels a day (b/d) of 8.5 degree API extra-heavy crude with lighter crude to produce close to 160,000b/d of 26 degree API crude for export. Nameplate production of 190,000b/d is expected to be reached this year. ConocoPhillips (NYSE: COP) owns 40% of the US$4bn Hamaca project, while ChevronTexaco and Venezuela's state oil company PDVSA have 30% each.

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