July 14, 2024
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Petro-independencia Announces New Drilling Plan

A joint venture between Venezuelan state-owned oil company PDVSA and U.S.-based major Chevron, Petroindependencia, has launched a new drilling plan. This was revealed by PDVSA on Monday.

Following an election guarantee agreement between the South American country’s government and its political opposition, the United States loosened oil sanctions on Venezuela in October.

Chevron has a separate authorization to operate oil fields in Venezuela, a member of the Organization of the Petroleum Exporting Countries (OPEC). The sanctions relief allows greater Venezuelan exports, paving the way for the company to boost output.

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In September, there was a report by Reuters, that Chevron has proposed adding 65,000 barrels per day (bpd) to its Venezuela crude output by the end of this year. The new drilling plan is part of that expansion.

“The CMI14 well, the first of 17 planned in the business plan this year, represents an important advance for the increase in production by this joint business,” PDVSA said, adding that the well was drilled in February.

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