Venezuela is Looking for Drillers
Caracas is actively working with oil service companies to increase oil production in Venezuela.
After the easing of American sanctions, Venezuela began to revive its own oil production, starting with drilling new wells. International oilfield service companies with unused equipment in Venezuela include SLB, Evertson International and Nabors Industries. However, the country needs years of work to restore the level of oil production it had before the introduction of US sanctions.
According to EIA estimates, in September crude oil production in Venezuela was 735 thousand bpd. It is unlikely to increase more than 900 thousand bpd by the end of next year. Moreover, most of this small growth will be provided by a joint venture with the American Chevron, notes the department, which, we recall, is part of the American Department of Energy.
According to Chevron’s plans, its production in Venezuela will increase to 200 thousand bpd by the end of 2024 from 135 thousand bpd in 2023.
In addition, joint ventures with Eni, Repsol and Maurel&Prom are capable of producing another 50 thousand bpd.
