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According to IPD Latin America estimates, Venezuela's refinery throughput has been less than 300,000 b/d, or roughly one-fifth of its nameplate capacity.17 Venezuela has worked with Iran to supply fuel as well as refining materials, spare parts, and technicians to restart the refineries.
Despite the sizeable reserves, Venezuela produced 0.8% of total global crude oil in 2023. Most of Venezuela's proven oil reserves are extra-heavy crude oil from the Orinoco Belt.
Much of Venezuela's crude oil production capacity and infrastructure have suffered from a decade-long lack of capital and regular maintenance. Chevron's earlier exemption increased its production to 135,000 barrels per day (b/d) in 2023, and we expect Chevron's output in Venezuela to reach 200,000 b/d by the end of 2024.
Of Venezuela's six refineries, only five remain operational, all running at no more than 20% of total capacity. The country's aging refining system, plagued by frequent shutdowns and low output, has deteriorated after years of underinvestment, poor management and international sanctions that have limited access to spare parts.
Similarly, E S is the maximum energy storage capacity in the specification of BESS. C-rate is used as the parameter to describe the charging and discharge speed, which is calculated as (3) C rate = I A Q S A h ≈ * E rate = P W E S W h = I A * U (V) ∫ 0 S (Q i A h * U i (V)) where the I and P are the current and power, respectively.
The mobility and flexibility of the system enables novel applications and deployments where BESS previously were unused due to the non-flexible solutions. The system is modular, meaning that the energy storage capacity can be quickly adapted depending on the application case, in contrast to larger and bulkier solutions.
There are prevailing physical combinations of BESS integration in the power system. For example, using BESS together with renewable energy resources creates opportunities for synergy, including PV, wind power, hydropower, and with other components such as fuel cells, flywheels, diesel generators, EVs, smart buildings, etc.
The system is built of two main blocks. The PCS building block, responsible for the main control of the mobile BESS. The nominal power rating of the PCS block is 225 kVA, with a maximum peak power in the peak shaving mode of 275 kW . The second block is the modular battery pack.
