Goldman Sachs sees Venezuela crude output rising, but return to pre-2018 levels unlikely
CVX•Goldman sees gradual rise in Venezuela output
Sept 2 (Reuters) - Goldman Sachs expects Venezuela's crude production to edge higher, but does not see output returning to pre-2018 levels of more than 2 million barrels per day over the next few years.
It said in a note that key bottlenecks, including degraded infrastructure and an unreliable power grid, will be costly and time-consuming to fix.
Energy firms back project expansions in Caracas
- Several international energy firms, including Eni, GE Vernova and Chevron, committed on Wednesday to project expansions to boost oil output in Venezuela, in a signing ceremony in Caracas overseen by interim President Delcy Rodriguez and U.S. Energy Secretary Chris Wright.
- The deals are separate from a Caracas-Washington deal recently unveiled that gives the U.S. access to 17 oilfields.
- Venezuela has the world's largest oil reserves, but its current output is only about 1.25 million bpd, down from the more than 3 million bpd it achieved two decades ago, following years of mismanagement and underinvestment by state-run oil firm PDVSA.
