Chevron Cranks Up Venezuelan Oil Exports Amid Trump-Maduro Reset
- Exports of synthetic Hamaca crude set to soar 50% in February
- Oil major has boosted production from Petropiar project
The Petropiar facility in 2018.
Photographer: Bloomberg/BloombergThis article is for subscribers only.
Chevron Corp. plans to ratchet up oil exports from Venezuela to a seven-year high as a reset of the country’s relationship with the US eases concerns that trade restrictions will increase.
Exports of synthetic oil from Chevron’s Petropiar project are expected to rise about 50% to about 143,000 barrels a day this month, the highest since March 2018, according to preliminary port schedules compiled by Bloomberg. Petropiar’s output has grown 37% in the past year to 110,000 barrels a day in January, said a person with knowledge of the operations, who asked not to be named because they aren’t authorized to speak publicly.