CARACAS (MarketWatch) — Venezuela is interested in deploying Royal Dutch Shell PLC’s (RDSA.LN) In-situ Conversion Process technology, or ICP, in the Orinoco river basin to help improve recovery rates at extra-heavy oil fields, said an official at state firm Petroleos de Venezuela SA.
“We’re interested in a technology that Shell has…that upgrades crude at the oil field,” Eulogio Del Pino, a director at PdVSA, said late Thursday.
Shell first began developing ICP technology, which inserts electric heaters in oil wells to improve flow rates and the quality of the oil before it reaches the surface, in the 1970s. Shell hopes to use the technology to unlock reserves of shale oil in Colorado, but says the technology can also be used in the Orinoco. read more
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