• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 6 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 6 days Does Toyota Know Something That We Don’t?
  • 45 mins America should go after China but it should be done in a wise way.
  • 6 days World could get rid of Putin and Russia but nobody is bold enough
  • 8 days China is using Chinese Names of Cities on their Border with Russia.
  • 9 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 9 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 9 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 8 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 9 days Putin and Xi Bet on the Global South
  • 9 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 10 days United States LNG Exports Reach Third Place
  • 10 days Biden's $2 trillion Plan for Insfrastructure and Jobs

Chevron’s Plan To Nearly Double Its Oil Exports From Venezuela

Chevron, the only U.S. company currently allowed to do business in Venezuela, has urged the country’s government to clean up sediment from Lake Maracaibo to make it possible to load more crude oil on tankers without risking running aground.

The cleanup, Bloomberg reports, would nearly double the amount of crude the company could export. For now, Chevron has paid for a measurement of the amount of sediment accumulated at the bottom of the lake.

If the lake gets cleaned up, Chevron could load up to 400,000 barrels of crude on its tankers, up from the current maximum of 250,000 barrels. The company, which began shipping Venezuelan crude abroad in January, supplies it to refiners in the U.S.

Venezuela’s heavy crude oil is prized by Gulf Coast refiners, who, until recently, looked to Russia’s heavy grades to replace it. Last December, it was reported that several refiners were attempting to get their hands on the rare Venezuelan crude oil.

The Biden administration eased sanctions on Venezuela to allow Chevron to resume its work in Venezuela when access to Russian heavy crude was shut off by the new sanctions.

In November, the government granted Chevron a six-month license to operate in Venezuela under its joint ventures with PDVSA there. Profits from the sale of Chevron’s Venezuelan-derived crude oil will go towards paying down its debt to Chevron and will not bolster state-run PDVSA’s profits.

Last month, Chevron was shipping crude oil from Venezuela at a rate of some 100,000 bpd, according to shipping documents, exporting around 3 million barrels for the month.

Now, other companies are also demanding licenses to operate in Venezuela, and that includes non-U.S. companies such as European Repsol and Eni—all of which have unsettled debt with Venezuela’s state oil company.

ADVERTISEMENT

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News