Exploration and Production
Chevron is one of the leading private oil companies in Venezuela partnering with Petróleos de Venezuela, S.A. (PDVSA) in exploration and production projects.
Total daily production in 2008 from all producing areas in Venezuela averaged 268,000 barrels of liquids and 125 million cubic feet of natural gas. The company's net oil-equivalent in 2008 averaged 66,000 barrels per day. That production came from three fields.
- The Boscan Field is located onshore in the state of Zulia in western Venezuela. The field is operated by Petroboscan, a joint venture with PDVSA, in which Chevron holds a 39.2 percent interest. During 2008, Petroboscan's total daily production averaged 103,000 barrels of liquids (27,000 net) and 17 million cubic feet of natural gas (7 million net). In 2008, 11 wells were drilled. Nine were completed and put into production by the end of the year.
- Chevron is a 25.2 percent owner of our affiliate Petroindependiente, which operates the LL-652 Field in Lake Maracaibo. During 2008, Petroindependiente's total daily production averaged 6,000 barrels of liquids (1,000 net) and 63 million cubic feet of natural gas (11 million net).
- Chevron has a 30 percent interest in Petropiar, which operates the Hamaca project. The project is located in Venezuela's Orinoco Belt and has a daily total design capacity for processing and upgrading 190,000 barrels of extra-heavy crude oil into 180,000 barrels of lighter, higher-value synthetic crude oil. During 2008, total daily production averaged 159,000 barrels of liquids (34,000 net) and 45 million cubic feet of natural gas (9 million net).
Chevron also has an important presence in offshore Venezuela, specifically in the exploration and production of nonassociated natural gas – gas in reservoirs where there is little crude oil. A framework agreement was signed in September 2008 with PDVSA that provides Chevron with a 10 percent interest in the Delta Caribe Project, Venezuela's first liquefied natural gas (LNG) train. The project is scheduled to be supplied with gas from Block 2, which is in the offshore Plataforma Deltana region in eastern Venezuela.
Chevron operates the Cardon III Block, in Falcón state northeast of Lake Maracaibo in the Gulf of Venezuela. Seismic data in this block, which has natural-gas potential, was analyzed in 2008. Drilling was planned to begin on an exploration well in the first half of 2009.
Updated: May 2009