{"id":555,"date":"2024-06-17T14:27:18","date_gmt":"2024-06-17T14:27:18","guid":{"rendered":"https:\/\/premierenergy.com\/?p=555"},"modified":"2026-09-14T15:31:06","modified_gmt":"2026-09-14T15:31:06","slug":"https-www-reuters-com-markets-commodities-venezuela-mulls-proposal-extend-pdvsa-chevron-oil-joint-venture-through-2047-2024-06-17","status":"publish","type":"post","link":"https:\/\/premierenergy.com\/es\/https-www-reuters-com-markets-commodities-venezuela-mulls-proposal-extend-pdvsa-chevron-oil-joint-venture-through-2047-2024-06-17\/","title":{"rendered":"Venezuela mulls proposal to extend PDVSA-Chevron oil joint venture through 2047"},"content":{"rendered":"<div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-1 fusion-flex-container nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"background-color: rgba(255,255,255,0);background-position: center center;background-repeat: no-repeat;border-width: 0px 0px 0px 0px;border-color:#eae9e9;border-style:solid;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start\" style=\"max-width:1144px;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-0 fusion_builder_column_1_1 1_1 fusion-flex-column\"><div class=\"fusion-column-wrapper fusion-flex-justify-content-flex-start fusion-content-layout-column\" style=\"background-position:left top;background-blend-mode: overlay;background-repeat:no-repeat;-webkit-background-size:cover;-moz-background-size:cover;-o-background-size:cover;background-size:cover;padding: 0px 0px 0px 0px;\"><div class=\"fusion-text fusion-text-1\"><div class=\"text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF\" data-testid=\"paragraph-3\">The extension for Petropiar will apply for the period 2033-2047, once the current association expires, under a plan to drill up to 386 wells in the area, according to the document presented to the National Assembly, seen by Reuters.\u00a0During the 15-year extension, crude production is set to increase to 150,000 bpd from current output of about 110,000 bpd. About $2.39 billion in investment and another $8 billion in operational expenses were planned as part of the request, according to the deputy minister&#8217;s presentation.\u00a0The National Assembly is expected to continue discussing and approve the partnership extension in the coming days.<\/div>\n<div data-testid=\"paragraph-5\"><\/div>\n<div data-testid=\"paragraph-5\">All the joint ventures produce and export crude under a license granted by the U.S. Treasury Department to Chevron in late 2022 as an exemption to the U.S. sanctions on the South American country. But more investment is still needed to reach production levels before oil sanctions were first imposed in 2019.<\/div>\n<div data-testid=\"paragraph-5\"><\/div>\n<div data-testid=\"paragraph-5\">Read more: <a href=\"http:\/\/https-www-reuters-com-markets-commodities-venezuela-mulls-proposal-extend-pdvsa-chevron-oil-joint-venture-through-2047-2024-06-17\">https-www-reuters-com-markets-commodities-venezuela-mulls-proposal-extend-pdvsa-chevron-oil-joint-venture-through-2047-2024-06-17<\/a><\/div>\n<\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-builder-column-0{width:100% !important;margin-top : 0px;margin-bottom : 0px;}.fusion-builder-column-0 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 0px !important;margin-right : 1.92%;padding-bottom : 0px !important;padding-left : 0px !important;margin-left : 1.92%;}@media only screen and (max-width:1024px) {.fusion-body .fusion-builder-column-0{width:100% !important;}.fusion-builder-column-0 > 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