Venezuelan PDVSA Chevron Joint Venture Launches New Drilling Plan
Petroindependentcia, a joint venture between Venezuelan state oil company PDVSA and US company Chevron, has begun a new drilling campaign, PDVSA said in a statement on Monday.
The United States eased oil sanctions on Venezuela in October following an agreement to guarantee elections between the South American country’s government and its political opposition.
Chevron has a separate permit to exploit oil fields in Venezuela, a member of the Organization of the Petroleum Exporting Countries (OPEC). Easing sanctions will increase Venezuela’s exports, opening the door for the company to increase production volumes.
Chevron (CVX.N) has proposed increasing Venezuela’s oil output by 65,000 barrels a day by the end of this year, Reuters reported in September, citing three sources familiar with the matter.
The new drilling program is part of a planned expansion.
“Well CMI14, the first of 17 planned in this year’s business plan, represents an important step in increasing production from this joint venture,” PDVSA said, adding that the well was drilled in February.
Although the sanctions have now been eased, the US has said the relief will expire in mid-April if the country’s ruling Socialists do not allow the winner of the opposition primaries to run.
