PDVSA's Strategic Moves: Venezuela's Heavy Oil Production Plans

Venezuela's PDVSA has formulated three operational plans to maintain heavy oil production with Chevron following the expiration of the current U.S. license. The national company aims to produce up to 138,000 bpd of Hamaca crude, distributing it between domestic use and international exports, excluding the U.S.

Venezuela's state-owned oil company, PDVSA, is actively preparing to sustain its heavy oil production capabilities through strategic collaboration with Chevron. This move comes as the existing license with the U.S. oil major is set to expire next month, according to an internal document disclosed by Reuters.

The comprehensive plan outlines scenarios under which PDVSA aims to produce between 105,000 and 138,000 barrels per day of Hamaca heavy crude. A section of this output is designated for domestic refining processes, while the remainder is earmarked for international markets, excluding the United States.

These strategic operational adjustments reflect PDVSA's commitment to adapt and thrive amidst shifting geopolitical and licensing landscapes, ensuring a steady production and export flow despite impending regulatory changes.

(With inputs from agencies.)