Photo: Wikimedia Commons.
A floating oil production facility operated by China Concord Resources Corp (CCRC) has recently arrived at Lake Maracaibo as part of a US $1 billion project to reactivate the Lago Cinco and Lagunillas oilfields. Current production stands at approximately 12,000 barrels per day (bpd), and the goal is to increase this to 60,000 bpd by the end of 2026. This marks one of the most significant private Chinese investments in Venezuela's oil sector since U.S. sanctions were imposed in 2019.
The floating platform, named Alula, is a self-elevating jack-up unit that sailed from Zhoushan, China, passed under the Lake Maracaibo bridge via tugboat, and reached its final deployment site in Lagunillas. Its arrival is the first major infrastructure deployment in the area in several years, highlighting the scale of Chinese commitment in a nation still hindered by external restrictions.
CCRC operates under a 20-year production sharing agreement with PDVSA and plans to reopen approximately one hundred wells using Chinese engineering expertise. The scheme is designed to produce both light crude, allocated to PDVSA, and heavy crude, destined for export to China. PDVSA is currently maintaining national output at around one million bpd, and exports recently reached a nine-month high at roughly 967,000 bpd.
This development further cements China’s role as a strategic partner in restoring Venezuela's status as an energy exporter, representing a deepening cooperation beyond traditional state-level arrangements, with private Chinese entities playing a central infrastructure role.
* Original text in Spanish. Translated by Large Language Model (LLM) technology.
Main Source:
Nueva plataforma petrolera flotante china arriba a Venezuela para proyecto de extracción de US$1.000 millones – MundoMaritimo
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