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  • reliable reputation seed oil production linery in venezuela
Will Chevron be able to produce crude oil in Venezuela?

Much of Venezuela's crude oil production capacity and infrastructure have suffered from a decade-long lack of capital and regular maintenance. Chevron's earlier exemption increased its production to 135,000 barrels per day (b/d) in 2023, and we expect Chevron's output in Venezuela to reach 200,000 b/d by the end of 2024.

Why does Venezuela have a aging pipeline network?

Venezuela relies on an aging pipeline network to transport oil from wells to refineries, with many pipelines estimated to be more than 50 years old. This aging infrastructure is a challenge made more difficult by Venezuela¡¯s extra-heavy crude oil.

How much oil does Venezuela have?

According to the 2022 BP Statistical Review of World Energy, Venezuela has more proved oil reserves than any other country in the world. Venezuela¡¯s 304 billion barrels of proved reserves just edges out Saudi Arabia¡¯s 298 billion barrels. Both are far ahead of U.S. proved reserves of 69 billion barrels.

How much oil will Venezuela produce in 2024?

Ventures operated by ENI, Repsol, and Maurel & Prom could increase production by an additional 50,000 b/d in the near term, according to IPD Latin America. As a result, we asses that these ventures could raise Venezuela¡¯s total output to about 900,000 b/d by the end of 2024. Further increases in Venezuela¡¯s crude oil production will take longer.