Exploration and Production
Chevron is one of the leading private oil companies in Venezuela, where we partner with Petróleos de Venezuela, S.A. (PDVSA) in exploration and production projects.
In 2010, total daily production averaged 101,000 barrels of crude oil (26,000 net), 116 million cubic feet of natural gas (25 million net) and 134,000 barrels of synthetic oil (28,000 net). That production came from three fields.
- The Boscan Field in the state of Zulia in western Venezuela is operated by Petroboscan, a joint venture with PDVSA in which Chevron holds a 39.2 percent interest. During 2010, Petroboscan's total daily production averaged 96,000 barrels of liquids (25,000 net) and 15 million cubic feet of natural gas (6 million net). In 2010, 15 development wells and two water injection wells were drilled. The drilling campaign to increase field production continues in 2011.
- Chevron owns 25.2 percent of Petroindependiente, which operates the LL-652 Field in Lake Maracaibo. During 2010, Petroindependiente's total daily production averaged 5,000 barrels of liquids (1,000 net) and 52 million cubic feet of natural gas (9 million net).
- Chevron has a 30 percent interest in Petropiar, a nonoperated joint venture with PDVSA in Venezuela's Orinoco Belt. This vertically integrated project produces extra-heavy crude and refines it to a high-quality synthetic crude oil. It has the capacity to process 190,000 barrels of extra-heavy crude oil into 180,000 barrels of lighter, higher-value synthetic crude oil per day. During 2010, total daily production averaged 134,000 barrels of synthetic oil (28,000 net) and 49 million cubic feet of natural gas (10 million net).
Chevron also has an important presence offshore Venezuela. In the Plataforma Deltana region, Chevron operates and holds a 60 percent interest in Block 2 and a 100 percent interest in Block 3.
Block 2 of the Plataforma Deltana project includes the Loran Field. Loran is scheduled to supply initial natural gas for Venezuela's first LNG project. A 2008 agreement provides Chevron with a 10 percent interest in the nonoperated first processing unit of the LNG plant and the associated offshore pipeline. An interim operating agreement governing the processing unit activities prior to a final investment decision was signed by the partners in 2009. The Venezuelan government accepted a Block 2 Declaration of Commerciality in March 2010.
Chevron operates the offshore Cardon III Block, in the Gulf of Venezuela. The exploratory well drilled in early 2009 was unsuccessful.
In February 2010, a Chevron-led consortium was selected to participate in a heavy oil project composed of three blocks in the Orinoco Belt. A joint operating company, Petroindependencia, was formed in May 2010. The consortium holds a 40 percent interest in the project, with PDVSA holding the remainder. Chevron's interest in the project is 34 percent.
Updated: March 2011