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Chevron and Venezuela agree preliminary terms to expand Petropiar

Chevron logoChevron
Sig2.58Sen+2.36Env-1.65Soc-0.34Gov-0.53
Shell logoShell
Sig2.62Sen+2.98Env-1.20Soc0.00Gov0.00

Chevron and Venezuela’s energy authorities have agreed on preliminary terms to expand Chevron’s largest Venezuelan oil project, Petropiar, by granting rights to produce from the Ayacucho 8 area. Chevron and PDVSA plan to extend the Petropiar well-cluster system to boost output relatively quickly, making Ayacucho 8 Chevron’s fifth oil area in Venezuela. Production last month included about 90,000 bpd of upgraded Hamaca crude and 20,000 bpd of vacuum gasoil at Petropiar, per PDVSA. Separate deals were also signed by Shell.

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