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Chevron Plans to Boost Venezuela Output

OIL

Chevron Plans to add a further 65k b/d of Venezuelan oil output by 2024 year-end in its first major drilling campaign since US sanctions were lifted on some operations in the country, according to Reuters.

  • Chevron's joint ventures with PDVSA now produce 135k b/d, like pre-sanction levels in 2019. Current oil flows are up 70% from the 2022 output average.
  • Chevron's production target of reaching 200k b/d by the end of 2024 could go far to helping Venezuela realise its goal to exceed 1m b/d, compared to 785k b/d to date in 2023.
  • Chevron’s campaign calls for addition of at least two powerful drilling rigs. The drilling plan will not require new U.S. approvals because the areas involved are included in Chevron's license, received in November, the sources said.
Energy BulletsCommodities
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