American Chevron is Ready to Drill New Wells in Venezuela
The American company wants to increase production in the Latin American country by another 65,000 bpd by the end of 2024
Currently, Chevron and Venezuela’s PDVSA together produce about 135,000 b/d. Washington’s permission to operate an American company in Venezuela is gradually raising the country’s oil production from its knees. According to Reuters, almost the entire increase in production of 70,000 b/d this year was due to projects by Chevron and PDVSA.
However, if the country wants to further increase volumes, it will have to not only restore existing wells where Chevron operates, but also drill new ones.
A company from the USA, which wants to increase production to 200,000 b/d by the end of 2024, wants to drill 2 new wells. According to preliminary data, we may be talking about the Petroindependencia project (north of the Orinoco River, the main oil-producing region of Venezuela).
Chevron said the drilling plan would not require new U.S. permits because the areas involved are included in the license it received back in November. However, to develop wells in this area, you will need to find a large supplier of oilfield services. Apparently, Washington will have to make an exception for work in Venezuela not only for Chevron.
