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Chevron CFO says Venezuela oil output is being ramped up
The article cites Venezuela’s roughly 303 billion barrels of proven crude reserves, including 11 of 14 supergiant fields that still retain more than half their original reserves.
U.S. firms are pushing to increase oil production in Venezuela after Washington helped remove Nicolás Maduro from office on January 3, as the effort aligns with President Donald Trump’s stated plans for the country, according to OilPrice.
The article notes Venezuela still holds the world’s largest proven crude reserves, about 303 billion barrels, roughly 17% of the global total. It says most of the resource is extra-heavy crude from the Orinoco Belt, which is cheaper to lift and often more profitable to process, but requires more technical expertise, with key challenges focused on transporting, upgrading, and refining rather than extraction.
It adds that Venezuela has 14 supergiant oil fields, with 11 retaining more than half of their original reserves. The story also frames the production ramp as part of Venezuela’s potential role within an “Americas” sphere referenced in the U.S. 2025 National Security Strategy.
OilPrice ties the outlook to comments from Chevron, including remarks attributed to CFO Eimear Bonner during a recent earnings call, indicating progress in bringing Venezuelan output higher.
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