Other capital flows include $1.5B annually from Eni, which targets 400,000 BPD by 2030, and Repsol, which has resumed direct lifting of Merey crude. Production faces physical bottlenecks in power supply, pipelines, and diluent for heavy Orinoco crude, while domestic refineries process 350,000 BPD and the Cardón plant restarts this week after a fire. Every barrel produced remains dependent on US licenses.
Tuesday, October 20, 2026
Story
Venezuela Raises Oil Output Goal to 1.5M BPD by 2027
Commodities11 days ago
PDVSA aims to finalize 105 definitive oil contracts by December to secure the investment needed for growth, with 61 already signed and 44 pending. These agreements, 70% of which target new fields, comprise restructured joint ventures and service deals. Through these partnerships, Venezuela plans to increase crude output from 1.2M BPD currently to 1.5M BPD by the end of 2027, with Chevron investing more than $7B over five years to grow its own output from 280,000 to about 600,000 BPD.
Looking for more context or analysis?
Tilt chat provides reliable, tailored insights, alerts, and automations.