Venezuela Producing 1M B/D of Crude Oil, President Maduro Says

Venezuela is producing one million barrels of oil per day, President Nicolas Maduro said Thursday on state TV.

• Chevron-PDVSA joint venture Petroboscan producing an average 83,000 b/d, Maduro said
  • The growth in Petroboscan’s production has been “exponential” from zero in Dec. 2022, Chevron country manager Mariano Vela said speaking alongside Maduro
  • Goal is to produce at least 96,000 b/d by end of 2024, Maduro said
• NOTE: PDVSA, Chevron produce around 200k b/d in four oil joint ventures: Petroboscan, Petropiar, Petroindependiente and Petroindependencia
• NOTE: From June 18, Venezuela Assembly Approves PDVSA-Chevron Venture Through 2047

--With assistance from Fabiola Zerpa.

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