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Chevron Aims to Produce 150,000bpd in Venezuela by End of Year

OIL

Chevron aims to raise its production in Venezuela to 150,000 bpd by the end of the year – 15% above current levels according to company CFO Pierre Breber.

  • Chevorn had a limited license in place to import Venezuelan crude prior to the recent easing of sanctions. It came about in November of 2022 in a crude for debt exchange.
  • Venezuela produces around 1% of Chevrons’ overall cash from operations.
  • “We don’t have a long-term license, and we would not make significant investments with a short-term license in addition to the other geopolitical uncertainties that exist.” he added, clarifying an overall reluctance for companies to invest while deals remain prone to potential withdrawal.
  • A lack of efforts by Venezuelan leader Maduro to unban key political opponents could see the latest deal unwind in November if not resolved in November.
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