Venezuela’s state-owned oil company, PDVSA, has devised three operational strategies to maintain its production and export of heavy oil following the expiration of a license held by Chevron next month. This information comes from a document reviewed by Reuters.
PDVSA aims to continue its operations at its largest joint venture with Chevron, despite the impending changes. The company plans to produce between 105,000 and 138,000 barrels per day (bpd) of Hamaca heavy crude.
According to the document, a portion of this output will be directed towards domestic refineries, while the remainder will be exported to markets outside of the United States. This pivot reflects PDVSA’s intent to adapt to shifting partnership dynamics while still fulfilling its production goals.
By exploring these new operational scenarios, PDVSA demonstrates its commitment to sustaining its heavy oil output and navigating the challenges presented by the expiration of Chevron’s license. This move is indicative of the broader adjustments the Venezuelan oil sector is making amidst ongoing economic and political complexities.
As PDVSA embarks on this strategy, it underscores the importance of maintaining oil production levels, which remain crucial for Venezuela’s economy. The ability to refine and export crude oil effectively will be pivotal as the company seeks to establish a viable path forward in the competitive oil market.