Venezuela considers extending PDVSA-Chevron oil JV until 2047 [Yahoo! Finance]
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Source: Yahoo! Finance
This extension pertains to the Petropiar JV in the Orinoco Belt, recognised as Venezuela's most abundant oil-producing region. Petropiar's extension will span from 2033 to 2047 following the current agreement's conclusion. The proposal includes an investment of $2.39bn and operational expenses of $8bn, with the aim to drill up to 386 new wells in the Orinoco Belt, as detailed in the document submitted to the National Assembly and reviewed by Reuters Currently, the four JVs between PDVSA and US-based Chevron produce approximately 200,000 barrels per day (bpd). Petropiar stands out as the most productive among these, with plans to increase its output from the current 110,000bpd to 150,000bpd. Venezuela's Deputy Oil Minister Elianny Palencia outlined the proposal during a session at the National Assembly in Caracas, highlighting the need for substantial investment and operational expenses. The National Assembly is expected to decide on this extension in the coming days. La
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