PDVSA Says Idled Nabarima FSO in ‘Satisfactory’ Condition

An idled oil storage facility off Venezuela’s eastern coast is in “satisfactory” condition, an official with state company Petroleos de Venezuela said, after a series of incidents in recent months raised concerns about environmental hazards.

About 1.3 million barrels of Corocoro crude have been stuck for over a year aboard the Nabarima FSO (floating storage and offloading facility), part of the Petrosucre joint venture between PDVSA, as the company is known, and Italy’s Eni SpA, as U.S. sanctions have complicated the nation’s exports.

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