Insight
Venezuela’s respite after sanctions ease
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
The easing of US oil-related sanctions in 2022 and 2023 has meant a possible future change for upstream production in Venezuela. With Chevron’s licence to renew operations in the country, production has increased and crude oil exports to the USGC refineries have started again. With a tight oil market, heavy crude oil remains valuable to refiners. Eni and Repsol are the other IOCs that were recently allowed by the Venezuelan government to export NGLs (condensate) from the Perla field as payment for PDVSA-owed debt and as a way to incentivise a future increase in production in the asset. In any scenario of production recovery, PDVSA will need to attract investment from IOCs and NOCs already in the country. Future easing of sanctions will also depend on the Venezuelan government conducting negotiations with its domestic political opposition and a credible presidential election in 2024.
Table of contents
- Executive summary
Tables and charts
No table or charts specified
What's included
This report contains:
Other reports you may be interested in
Asset Report
Perla
The Perla gas field lies in the Cardón IV block in the shallow waters of the Gulf of Venezuela's Falcón basin. Repsol ...
$3,720
Asset Report
Guadalupe (KC 10)
Guadalupe (KC 10) was Chevron's first 2014 discovery in the Gulf of America as well as the first Lower Tertiary discovery of the year.
$3,720
Asset Report
Zama
Zama was Mexico's first non-Pemex discovery in nearly 80 years. The field was discovered in July 2017 and represents one of the ...
$3,720
