Chevron Corp plans to add 65,000 barrels per day (bpd) of Venezuelan oil output by the end of 2024 through its first major drilling campaign in the nation since Washington allowed it to restore production clipped by U.S. sanctions, three people familiar with the matter said.
Goal is to increase oil output to 200,000 bpd by end-2024plans to add 65,000 barrels per day of Venezuelan oil output by the end of 2024 through its first major drilling campaign in the nation since Washington allowed it to restore production clipped by U.S. sanctions, three people familiar with the matter said.
Chevron's joint ventures with Venezuelan state oil company PDVSA now produce some 135,000 bpd and have exported an average 124,000 bpd to the U.S. this year, according to independent estimates and shipping data, near levels they had before Washington imposed sanctions in 2019.to Venezuela's crude output has been meaningful as the OPEC-member country tries to stabilize and increase production to pre-sanctions levels.
The California-based company's campaign calls for addition of at least two powerful drilling rigs. The equipment will be installed initially at the Petroindependencia project in the Orinoco Belt, Venezuela's main oil-production region, one of the people said. PDVSA did not reply to a request for comment. The U.S. Treasury declined to comment. Chevron said it continues to conduct business in compliance with laws and regulations, as well as the sanctions framework provided by the U.S. Office of Foreign Assets Control .The drilling plan will not require new U.S.
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