highlights of operations
Chevron is one of the leading private oil companies in Venezuela helping to meet the world’s growing energy demand with reliable and affordable energy. Our legacy dates back to the Boscan Field discovery in the 1920s.
Delivering energy requires working with trusted partners who succeed when we succeed. Today we participate in five onshore and offshore production projects in the country. Chevron works in partnership with affiliates of Petróleos de Venezuela (PDVSA), Venezuela’s national oil company, in four joint-venture operations in western and eastern Venezuela. Three of these are heavy or extra-heavy crude oil projects.
operations in venezuela
onshore and offshore production projects
partnering in venezuela
joint-venture operations with PDVSA
focus on heavy crude
heavy or extra-heavy crude oil projects
Chevron and its partners have made significant capital investments in Venezuela, helped develop the national workforce and promoted the use of local resources.
Chevron makes important technological contributions by bringing our most effective methods to the Venezuelan oil industry. We also share knowledge about offshore engineering design, heavy oil production and upgrading, and enhanced oil recovery through thermal and water injection.
exploration and production
In 2019, net daily production averaged 34,000 barrels of crude oil and 7 million cubic feet of natural gas.
crude oil production average
net barrels per day in 2019
natural gas production average
million cubic feet per day in 2019
We operate the following projects in Venezuela.
- Operated by Petroboscán, S.A., a joint venture with PDVSA
- 39.2 percent Chevron interest
- Boscan Field
- State of Zulia, western Venezuela
- 13K net barrels per day average crude oil production
- 1MM cubic feet per day average natural gas production
- 26 development wells drilled
- Operated by Petroindependiente, S.A.
- 25.2 percent Chevron interest
- LL-652 Field
- Lake Maracaibo
- Nonoperated joint venture with PDVSA through Petropiar, S.A.
- 30 percent Chevron interest
- Orinoco Belt
- This vertically integrated project processes extra-heavy crude oil from the Huyapari Field and upgrades it to a lighter, higher-value synthetic oil.
- 21K net barrels per day average liquids production
- 6MM cubic feet per day average natural gas production
- 69 development wells drilled
- Operated by Petroindependencia, S.A.
- 34 percent Chevron interest
- Carabobo 3 Project
- This heavy oil project is in three blocks within the Carabobo area of the Orinoco Belt.
- Block 2 offshore Venezuela
- 60 percent Chevron interest
- The Loran Field in Block 2 and the Manatee Field in Trinidad and Tobago form a single cross-border field along the maritime border of Venezuela and Trinidad and Tobago.
in the community
Our social investment strategy aims to strengthen local communities with programs that deliver measurable and sustainable results. Our efforts are focused on three core areas: health, education and economic development.
Since 2007, Chevron’s social investment contributions in Venezuela totaled more than $108 million. Chevron implements social investment projects in four out of five states in Venezuela that have been identified as priority areas for basic human needs according to the United Nations Humanitarian Venezuela Response Plan 2019. Every year, approximately 45,000 Venezuelans directly benefit from Chevron health, education and economic development programs.
In 2019 and 2020, Chevron invested $5 million in programs selected in consultation with a variety of local and international organizations, in alignment with the United Nations Humanitarian Response Plan and complimentary to USAID programs. Programs are being executed in partnership with long-established and reliable implementing partners, such as the Red Cross International and the Pledge for Venezuela. The programs are aimed at providing vulnerable communities with access to potable Water, Sanitation and Hygiene (WASH program), medical support, and nutrition.
Chevron promotes health care programs in the communities where we operate.
Education is the foundation for sustainable development. Since 2005, Chevron has worked with Venezuela’s Ministry of Education to expand resources and opportunities for educators and students ranging from elementary to post graduate studies.
Chevron partners with local nongovernmental organizations (NGOs) to build capacity and self-sufficiency while promoting economic development in the communities where we have operations.
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Among the important factors that could cause actual results to differ materially from those projected in the forward-looking statements are: changing crude oil and natural gas prices; changing refining, marketing and chemicals margins; the company's ability to realize anticipated cost savings and efficiencies associated with enterprise transformation initiatives; actions of competitors or regulators; timing of exploration expenses; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; technological developments; the results of operations and financial condition of the company's suppliers, vendors, partners and equity affiliates, particularly during extended periods of low prices for crude oil and natural gas; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company’s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, and public health crises, such as pandemics and epidemics; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries, or other natural or human causes beyond the company’s control; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic and political conditions; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures to limit or reduce greenhouse gas emissions; the potential liability resulting from pending or future litigation; the company’s future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government-mandated sales, divestitures, recapitalizations, industry-specific taxes, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; material reductions in corporate liquidity and access to debt markets; receipt of required Board authorizations to effect future dividend and share repurchases; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company's ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading “Risk Factors” on pages 18 through 21 of the company’s 2019 Annual Report on Form 10-K and in subsequent filings with the U.S. Securities and Exchange Commission. Other unpredictable or unknown factors not discussed on this Website could also have material adverse effects on forward-looking statements.