Venezuela targets 1.6 million barrels of oil per day by 2027

Venezuela aims to reach an oil production level of 1.6 million barrels per day (Mbd) by 2027 through private investment and the reactivation of mature fields via international partnerships.

Chevron has announced a five-year expansion plan in the country, committing over $7 billion through 2031. The company intends to double its drilling rigs to increase production from approximately 290,000 barrels per day to 600,000 barrels per day. This investment spans three joint venture operations and includes expanded acreage in the Orinoco Belt. Notably, the new contract framework includes access to international arbitration to resolve disputes outside of Venezuela’s domestic legal system.

European energy companies are also planning significant increases. Repsol aims to grow its current production of 45,000 barrels per day by 50% over the next year, with a long-term goal of reaching 135,000 barrels per day within three years. Additionally, Eni is working to develop the Junín 5 field to raise output from 12,000 to 180,000 barrels per day, while also targeting a production increase at the Corocoro asset.