Chevron predicts 50% increase in Venezuelan oil production in 2023

Kevin Crowley and Peter Millard, Bloomberg April 29, 2023

(Bloomberg) – Chevron Corp’s oil production in Venezuela has reached 100,000 bpd and could rise 50% this year, Chief Executive Officer Mike Wirth said in an earnings call Friday.

The U.S. oil major operates three projects in the country along with state-run Petroleos de Venezuela SA. Since U.S. President Joe Biden eased sanctions on Venezuela last year, Chevron has started lifting so much crude from the country that it’s had to put 600,000 bbl of it in storage in the Bahamas this month. Chevron is also shipping some of the oil to its U.S. refineries.

But Wirth cautioned that the company’s operations in the sanctions-hit nation depend on waivers from the U.S. government. “It’s not really a negotiation,” he said. “It’s their decision.”

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