Venezuela's PDVSA gears up for independence on key project following Chevron's exit

Venezuela’s state-owned oil company PDVSA has developed three plans to keep its largest joint venture, Petropiar S.A., running after Chevron leaves. The American multinational corporation is ceasing operations in the Orinoco Belt due to its US license expiring soon. This permit was issued back in 2022. 

Following Chevron's exit, PDVSA aims to independently maintain heavy oil production (Hamaca) in the country between 105,000 and 138,000 barrels per day. With limited access to the US market, some crude will go to local refineries, while the rest will be exported. Beyond the stated targets, the company is about to process by-products such as vacuum gas oil (VGO) to pump out low octane fuel across Venezuela.

To keep the project running smoothly, PDVSA will use imported naphtha and other resources. It is also adjusting logistics to reduce dependence on complicated domestic transportation. The corporation’s main goal is to maintain current production levels and avoid shutdowns of project facilities.