Venezuela Allocates New Oil Blocks to Chevron, Exports to Reach 300,000 bpd
Venezuela plans to grant additional oil production blocks to Chevron, expanding the US major’s footprint in the country. Chevron expects to raise Venezuelan crude exports to 300,000 barrels per day in March, up from 100,000 bpd in December 2025, while joint ventures produce 240,000–250,000 bpd of sour crude.
1. Venezuela Grants Additional Oil Blocks
The Venezuelan government has approved plans to allocate additional oil production blocks to Chevron as part of efforts to rebuild the country’s aging oil infrastructure. This decision marks an expansion of Chevron’s operating areas that were previously constrained by sanctions and limited licensing.
2. Planned Export Increase to United States
Chevron aims to boost its Venezuelan crude exports to approximately 300,000 barrels per day in March, a threefold rise from the 100,000 bpd recorded in December 2025. These shipments are slated for US Gulf Coast refineries that rely on sour crude grades.
3. Current Joint Venture Production Levels
Chevron’s four joint ventures with the state-run oil company collectively produce between 240,000 and 250,000 barrels of sour Venezuelan crude each day. This output underpins the company’s existing supply agreements with Gulf Coast refiners.