Venezuela's PDVSA, Chevron request 15-year extension for two joint ventures

The largest of the two projects, which is currently producing some 65,000 barrels per day (bpd) of heavy crude, will require $1.28 billion for investment and $3.35 billion for operational expenses in the 15-year period, he added during a conference. Venezuela's National assembly is expected to discuss the request before giving the go-ahead. Perez also said Venezuela is producing below its 1.9 million-bpd OPEC quota, so it expects to remain exempted from any OPEC+ output cuts planned.

A unit of Venezuela's state oil company PDVSA and U.S. oil major Chevron have requested a 15-year extension for two of their joint ventures from the country's oil ministry, the deputy minister Erick Perez said on Wednesday. The largest of the two projects, which is currently producing some 65,000 barrels per day (bpd) of heavy crude, will require $1.28 billion for investment and $3.35 billion for operational expenses in the 15-year period, he added during a conference.

Venezuela's National assembly is expected to discuss the request before giving the go-ahead. Perez also said Venezuela is producing below its 1.9 million-bpd OPEC quota, so it expects to remain exempted from any OPEC+ output cuts planned.

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