Venezuela could increase oil production if OFAC extends license to Chevron

The US company Chevron is present in the Venezuelan oil sector in four joint ventures in a minority partnership with PDVSA, with an estimated production of 80,000 barrels per day, according to engineer Juan Szabo, former vice president of Exploration and Production of the state-owned company and coordinator of the Plan's hydrocarbons program Country elaborated by the opposition.

It states that this volume could rise to 230,000 barrels per day, that is, it would almost triple within 20 months as long as the United States government agrees to extend the current operating license, which limits it only to maintenance costs.

Additional income for Venezuela could be up to 40% higher. $5 billion more requiring an investment of $11 billion.

“To do this, a change of the current law is required. I don't think any of these companies are willing to invest under the Anti-Blockade Act,” he warned.

In addition, the eight joint ventures that could have effective growth would be Petroboscan, Petropiar, Sinovensa, Petrodelta, Petrozamora, Petroregional, Petroquiriquire and Petrosucre. #yoorslocalnews

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