The American company Chevron (Chevron) aims to raise Venezuelan oil production to 200 thousand barrels per day by the end of next year (2024), serving the country’s goals to increase production.
The company has drawn up a plan to carry out its first major drilling campaign in the country, since Washington allowed it to restore production, which was stopped due to US sanctions, according to information seen by the specialized energy platform.
The American company Chevron plans to add 65 thousand barrels per day of Venezuelan oil production by the end of 2024, which will contribute to accelerating the company’s goal of recovering 3 billion dollars of unpaid profits and debts from its projects in the country.
The drilling plan will not require new U.S. approvals, but it will require obtaining large, specialized drilling rigs that may be difficult to find in Venezuela.
Chevron’s joint ventures with the Venezuelan national oil company “petrolius de Venezuela” (PDVSA) now produce about 135 thousand barrels per day, according to independent estimates, close to the level it was before Washington imposed sanctions in 2019.
The current oil flows represent a 70% increase over the average Venezuelan oil production in 2022.
