Chevron hopes to increase oil production to 160,000 barrels a day this year.
The US oil company Chevron will begin in June the second phase of the project signed to boost oil production in Venezuela and recover all of what the state-owned Petróleos de Venezuela SA (PDVSA) owes it.
Sources related to the matter told the Reuters news agency that the amount owed by PDVSA is $3 billion. Likewise, Chevron aims to recover $750 million in unpaid debts and dividends by the end of 2023, while the remaining $3 billion is expected to be obtained by 2025.
However, the North American oil company has recovered, since it restarted operations on Venezuelan soil, around $220 million, according to the sources.
Chevron y Pdvsa
Both PDVSA and Chevron have been obtaining what they expected after signing the agreement: Venezuelan crude is exported to the US and the Caribbean nation obtains royalties and benefits for workers, as well as future profits, reported Banking and Business.
In the second stage of the project, Chevron expects to increase oil production to 160,000 barrels a day this year and by 2024, increase it to 200,000 bpd.
Likewise, it requested PDVSA to be assigned storage tanks to improve the management of diluents and crude oil sent from the Orinoco Oil Belt.
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