Venezuela elion energy

How much oil does Venezuela produce in 2023?

Despite the sizeable reserves, Venezuela produced 0.8% of total global crude oil in 2023. Most of Venezuela's proven oil reserves are extra-heavy crude oil from the Orinoco Belt.

What type of electricity is produced in Venezuela?

Electricity in Venezuela is predominantly produced from hydroelectricity . Venezuela ranked 11th in the world for oil production in 2016; production has since fallen steeply. The largest oil company is Petróleos de Venezuela (PDVSA). Oil fields in the country include Bolivar Coastal Field, Boscán Field, Maracaibo Basin and Orinoco Belt .

Will Chevron be able to produce crude oil in Venezuela?

Much of Venezuela's crude oil production capacity and infrastructure have suffered from a decade-long lack of capital and regular maintenance. Chevron's earlier exemption increased its production to 135,000 barrels per day (b/d) in 2023, and we expect Chevron's output in Venezuela to reach 200,000 b/d by the end of 2024.

Which oil refineries can take heavy oil from Venezuela?

Refineries on the U.S. Gulf Coast are well-suited to take the kind of heavy crude oil Venezuela produces. PdVSA’s subsidiary in the United States, Citgo, has three refineries—Lemont, Lake Charles, and Corpus Christi—which have a combined capacity of over 800,000 b/d and are designed to process heavy oil.

Will Chevron increase production in Venezuela in 2023?

Chevron's earlier exemption increased its production to 135,000 barrels per day (b/d) in 2023, and we expect Chevron's output in Venezuela to reach 200,000 b/d by the end of 2024. According to IPD Latin America, ventures operated by ENI, Repsol, and Maurel & Prom could increase production by an additional 50,000 b/d in the near term.

How will sanctions affect Venezuela's oil production?

Venezuela’s crude oil production in September declined from the recent high of 790,000 b/d in July 2023. Shortages of diluent, which is necessary to process Venezuela’s heavy oil, reduced output. The lifting of sanctions will allow for increased diluent imports, which could boost production slightly.