heavy oil
Britishnoun
Example Sentences
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The company in November made the decision to push ahead with a $1.4 billion expansion of its core network to boost deliveries of Canadian heavy oil and reach key refining markets in the U.S.
It also allowed American companies to sell diluents to Venezuela, which are needed to pump the country’s heavy oil.
TotalEnergies CEO Patrick Pouyanné said that the challenges of producing Venezuela’s heavy oil are considerable.
In time, the company gained ownership in an offshore oil venture, and, after its 2002 merger with Phillips Petroleum, it added another heavy oil project to its Venezuela properties.
But drilling in Venezuela is still likely more expensive than other areas, because of the heavy oil produced there, said Jim Burkhard, S&P Global’s head of Crude Oil Research.
From Barron's
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