Venezuela’s oil output at 653,000 b/d in September: PdV

 

Venezuelan oil production in September was an estimated 653,000 b/d, according to a weekly internal report from state-run oil company PdV.

By Argus Media – Carlos Camacho

Oct 03, 2022

The average production for 2022 through September was 759,100 b/d, according to the report – a figure that many analysts say is far too optimistic.

According to the report 17 out of 43 oil producing subsidiaries and/or joint ventures reported no production in September. Even large projects, like Chevron’s Petroboscan field in western Venezuela, were reported to have stopped production in September because oil storage capacity has run out.

Comprehensive US sanctions imposed after 2017 limit crude purchases from PdV. The country’s oil operations are also plagued by interruptions in production because of regular power outages and a lack of key equipment and supplies.

The report documents a slew of serious exploration, production, infrastructure and storage problems that may challenge PdV’s stated goal of increasing production by at least 100,000 b/d from current levels year.

Read More: Argus Media – Venezuela’s oil output at 653,000 b/d in September: PdV

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