What percentage of Venezuela’s crude oil comes from JV projects?
In 2017, about half of Venezuela’s crude oil production came from JV projects. Since at least 2010, the proportion of JV-produced oil had been rising. In contrast, JVs accounted for only about 30% of total production in Venezuela in 2010.
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.
What type of oil does Venezuela produce?
Venezuela produces heavy and sour crude oil according to international standards. This type of oil requires specialized refineries for processing. The country’s most prolific production area is the OOB.
Who are the major oil companies in Venezuela?
Major oil companies in Venezuela include Chevron, China National Petroleum Corporation, ENI, Statoil, Total, and Rosneft. They are major joint venture partners in Venezuela’s oil industry. Venezuela also has reserves in and around Lake Maracaibo in the western part of the country. Petroleum production has decreased from production peaks in the late 1990s to early 2000s.
Where does Venezuela export crude oil?
Most of the remaining crude oil was destined for India, China, and Europe. Venezuela has seven crude oil export loading points, in practice; however, most of its crude oil exports are routed through the Puerto Jose terminal, which is located offshore of the Jose industrial complex in northeastern Venezuela.
What happened to Venezuela’s crude oil production?
Since mid–2016, Venezuela’s crude oil production has fallen by 755,000 barrels per day (b/d). This decline follows the drop in global crude oil prices from their peak in mid–2014. Venezuela heavily relies on crude oil for its economy.