
Venezuela’s Orinoco heavy oil belt, also known as the Faja, is home to around 1.4 Tbbl of original oil in place. (Source: Shutterstock.com)
Efforts by Chevron Corp. to boost oil production in Venezuela this year will see the U.S. oil giant generate more revenues to pay outstanding debt in the OPEC country.
Just how much revenue Chevron will generate will depend on the ultimate price it gets for its heavy oil production after upgrades, transport and other discounts are applied to get the oil to market.
In late January, Chevron chairman and CEO Mike Wirth said the company’s four joint ventures (JV) in Venezuela were producing around 90,000 bb/d, up from around 50,000 bbl/d in November 2022 when the company was still prohibited by the U.S. Office of Assets Control (OFAC) from engaging in efforts to expand production.
RELATED
Chevron Says Venezuela Production Up Nearly 80%
Column: Much Ado About Venezuelan Sanctions
Now with OFAC’s approval, the Chevron JVs will continue to encounter headwinds as they try to reach a prior 200,000 bbl/d potential. This has been a largely evasive pursuit since early 2019 when the U.S. initially imposed sanctions on Venezuela’s oil sector to promote “free and fair” elections in 2024 and a potential democratic change to a leader that is more to the U.S.’ liking.
Regardless of the price point, Chevron’s JVs will generate more income for the company, but not necessarily to the benefit of the government of President Nicolas Maduro.

Just how long the U.S. will allow Chevron to operate will depend on Maduro’s actions ahead of elections next year and whether it can deal with the outcome amid an opposition faction that remains widely divided and, hence, less of a threat to defeat the ruling party.
Amid the certain uncertainties, one thing is clear: The U.S. will not likely get the election result it wants next year, according to Datanalisis president Luis Vicente Leon.
“Elections in Venezuela will not be transparent and competitive, considering the desired parameters of liberal democracy,” Leon wrote Feb. 19 in a Twitter post. “But neither were they in most of the experiences of transition from autocracy to democracy in the last century of world political history.”
Recommended Reading
SM Energy Marries Wildcatting and Analytics in the Oil Patch
2025-04-01 - As E&P SM Energy explores in Texas and Utah, Herb Vogel’s approach is far from a Hail Mary.
CNOOC Starts Production at Two Offshore Projects
2025-03-17 - The Caofeidian 6-4 Oilfield and Wenchang 19-1 Oilfield Phase II projects by CNOOC Ltd. are expected to produce more than 20,000 bbl/d of crude combined.
Equinor Begins Producing Gas at Development Offshore Norway
2025-03-17 - Equinor started production at its Halten East project, located in the Kristin-Åsgard area in the Norwegian Sea.
US Oil Rig Count Rises to Highest Since June
2025-04-04 - Baker Hughes said oil rigs rose by five to 489 this week, their highest since June, while gas rigs fell by seven, the most in a week since May 2023, to 96, their lowest since September.
E&P Highlights: April 28, 2025
2025-04-28 - Here’s a roundup of the latest E&P headlines, including field redevelopment in Iraq and an estimate of gas resources in Namibia.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.