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A woman walks in the Chevron office as the U.S. government granted a six-month license allowing Chevron to boost oil output in U.S.-sanctioned Venezuela, in Caracas, Venezuela December 2, 2022. Current oil flows mark a 70%-increase from average output in 2022. But to go further requires large specialized drilling rigs that might be difficult to find in Venezuela, the people said. The California-based company's campaign calls for addition of at least two powerful drilling rigs. Other foreign oil companies in joint ventures with PDVSA also have begun early planning for possible drilling campaigns.

Persons: Gaby Oraa, Petropiar, PDVSA, Chevron, Marianna Parraga, Sabrina Valle, Matt Spetalnick, David Gregorio Our Organizations: Chevron, REUTERS, Companies, Chevron Corp, OPEC, Treasury, U.S . Office, Foreign Assets, U.S, PDVSA, Thomson Locations: Venezuela, Caracas, HOUSTON, Washington, The California, Lake Maracaibo, U.S

File Photo Acquire Licensing RightsSept 4 (Reuters) - Venezuela's oil exports in August fell 38% from a three-year high in July as state-run oil company PDVSA struggled to keep its heavy crude upgraders in service, according to vessel monitoring data and internal company documents. Venezuela's oil exports in August dropped to about 544,000 barrels per day (bpd) from more than 877,000 bpd in July, according to LSEG Eikon vessel tracking data. China remained the main destination for most of the OPEC member's crude and fuel exports, including cargoes transshipped through Malaysia. At the Petropiar crude upgrader, operated by PDVSA and Chevron and that processes extra heavy oil, maintenance affected a vacuum distillation unit. PDVSA boosted shipments of crude, fuel oil, gasoline blend stock and gas oil to ally Cuba to some 65,000 bpd, from 53,000 bpd in July.

Persons: PDVSA, Russia's Roszarubezhneft, Marianna Parraga, Marguerita Choy Organizations: American, Chevron, U.S, PDVSA, China National Petroleum Corp, Italy's Eni, Thomson Locations: Venezuela, U.S, China, Malaysia, Cuba, Houston, Maracay

[1/2] Oil tanker Kerala, chartered by Chevron, is loaded in the Bajo Grande oil terminal at Maracaibo Lake, in the municipality of San Francisco, Venezuela, January 5, 2023. To back up its license application, Chevron last year signed an oil-for-debt swap with Venezuela's state-run PDVSA. The initial exports have rapidly drained the ventures' oil inventories, which had built up for years. Chevron plans to continue pushing up heavy crude output mainly at oilfields in eastern and western Venezuela belonging to its Petropiar and Petroboscan projects, according to the sources. GOLDEN TICKETChevron's license broke a four-year U.S. prohibition on Venezuelan oil exports to the United States designed to oust President Nicolas Maduro.

☆ Chevron to send 500,000-barrel cargo of Venezuelan oil to its Pascagoula refinery
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: +1 min

HOUSTON, Jan 3 (Reuters) - U.S. oil producer Chevron Corp (CVX.N) plans to export this month its first cargo of Venezuelan crude to its Pascagoula, Mississippi refinery following a U.S. license granted last year, according to shipping documents seen by Reuters on Tuesday. The 500,000-barrel cargo of Hamaca heavy crude, to be loaded at state-run PDVSA's Jose port, comes from the Petropiar oil joint venture operated by both companies. As of Tuesday, the tanker scheduled to carry the shipment, the Bahamas-flagged Caribbean Voyager, was waiting to load near Jose, Refinitiv Eikon data showed. Chevron declined to comment on Tuesday and PDVSA did not immediately reply to a request for comment. Washington had previously authorized Italy's Eni (ENI.MI) and Spain's Repsol (REP.MC) to recoup pending debts in Venezuela by taking Venezuelan crude for refining in Europe.

Companies Chevron Corp FollowHOUSTON, Dec 30 (Reuters) - U.S. oil company Chevron Corp (CVX.N) is sending two oil tankers to Venezuela, one of which will load the first cargo of crude destined for the United States in nearly four years, according to a person familiar with the matter and shipping data. On Friday, a Chevron-chartered vessel approached the South American country's waters to pick up a cargo of Venezuelan crude. A second tanker carrying a cargo of diluents to a Chevron oil joint venture is due to arrive in the country early next month, the person said. The U.S. last month issued a 6-month license to Chevron authorizing it to take an expanded role at four Venezuelan oil joint ventures that produce, process and export oil, and to bring their oil to the United States. Washington officials have said further easing of Venezuelan oil sanctions could come with a reinstatement of excluded political candidates and election observers.

☆ Venezuelan officials, Chevron execs hold closed-door meetings
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +2 min

The first meeting with workers was planned to be held at joint venture Petropiar in the Orinoco Belt oil region. But after last-minute changes to the agenda, executives and officials opted for a closed-door encounter. The second of those private meetings is planned for Thursday at the site of the Petroboscan joint venture in western Venezuela, two of the sources added. A Chevron spokesperson declined to comment, citing a policy of not commenting on commercial matters. It was unclear whether new general managers at some joint ventures were appointed, as planned.

Exports also benefited from the restart of a PDVSA-Chevron crude upgrader at their Petropiar joint venture in the Orinoco Belt. Nearby, one of Petrolera Sinovensa's two crude blending plants operated by PDVSA and China National Petroleum Corporation (CNPC) also resumed work. Venezuelan PDVSA's crude processing facilities restarted operations after outages and a lack of diluents, leading to a sale increase in November. PDVSA also sent about 38,000 bpd of crude, fuel oil and gasoline blend stock to key political ally Cuba. Another Iran-flagged tanker in Venezuela, the Huge, is also expected to navigate back carrying fuel oil for NICO this month as part of an oil swap with PDVSA, according to the documents.

☆ Venezuela, Chevron formally sign oil contracts in Caracas
▼ + stars: | 2022-12-02 | by ( Deisy Buitrago | ) www.reuters.com time to read: +2 min

CARACAS, Dec 2 (Reuters) - Venezuela's oil minister and top representatives of state-run company PDVSA on Friday signed contracts with U.S. oil firm Chevron Corp (CVX.N) intended to help revive the nation's oil output and expand operations. "This is an important step towards the right direction, but yet insufficient," said oil minister Tareck El Aissami after the signing ceremony. The event took place at PDVSA's Caracas headquarters and was attended by El Aissami, Chevron's President for Venezuela, Javier La Rosa, and PDVSA President Asdrubal Chavez. The authorization was required because of U.S. sanctions on PDVSA and Venezuela's oil sector. Earlier this year, OFAC authorized Chevron to hold meetings with Venezuelan officials, including people specifically sanctioned by Washington, like El Aissami.

☆ Venezuela signs contracts with Chevron to reanimate, expand oil output
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: 1 min

CARACAS, Dec 2 (Reuters) - Venezuela's oil minister and top representatives of companies PDVSA and Chevron Corp (CVX.N) on Friday signed contracts aimed at reviving crude output and expanding operations in the U.S.-sanctioned nation, following a license by Washington. The contracts include the joint ventures Petroboscan and Petropiar, officials said, but details were not disclosed. The documents were signed at PDVSA's Caracas headquarters by minister Tareck El Aissami, Chevron's President for Venezuela, Javier La Rosa, and PDVSA's president Asdrubal Chavez. Reporting by Deisy Buitrago; Editing by Gary McWilliamsOur Standards: The Thomson Reuters Trust Principles.

The Biden administration last week authorized Chevron to expand operations in Venezuela and resume taking prized heavy crude to the United States. Valero Energy Corp (VLO.N), PBF Energy (PBF.N) and Citgo Petroleum have shown interest in getting access to the oil Chevron is expecting in coming weeks, according to the people. No Venezuelan oil officially has been allocated to Chevron yet and no chartering contracts have been signed to transport cargoes to the United States, according to Venezuelan export schedules and Refinitiv freight data. Valero, PBF and other U.S. independent refiners would not need any new authorization to buy Venezuelan oil from Chevron. The primary effect will be to allow some Venezuelan oil to flow back to the United States, "which will help the U.S. refining system," Wirth said.

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