Oil major and manufacturer of the Texaco lubricant range, Chevron, is making waves in South America. Amidst policy shifts in the US, the corporation is ratcheting up its exports of synthetic oil in Venezuela to reach a seven-year apex.
After the recent reset between the US and Venezuela eased fears of increased trade restrictions, the American multinational put plans in gear for a substantial rise in output. According to early port schedules collated by Bloomberg, synthetic oil exports from the Chevron-run Petropiar project are now expected to experience a hike of around 50 percent. This will see them rising to approximately 143,000 barrels per day in February, marking the highest output since the spring of 2018.
An informed source with an understanding of operations commented that the Venezuela project’s production has risen by 37 per cent over the past year, reaching 110,000 barrels per day in January.
Nicolas Maduro, Venezuela’s President, has gained from the gradual revival of his nation’s oil sector, the political regime’s leading revenue producer, following his decisions to release American prisoners and accept immigrants that are deported from US soil.
CEO for Chevron, Mike Wirth, commented in early February that Venezuelan oil might increase in importance for America if it opts to impose tariffs on Mexico and Canada – countries that produce similar grade crude oil to Venezuela.
However, Chevron’s capacity to extend its operations in Venezuela remains limited, because of sanctions that only let the corporation undertake drilling work inside the restrictions of contracts completed back in 2019.
