Oil Production Archives - Page 2 of 7

The inequality of phantom growth: why Venezuela and Ireland suffer from the same macroeconomic mirage

September 14, 2026September 14, 2026Tatiana Da GamaLeave a Comment

Andrés Ramón Giuseppe Ávalo In conventional economic analysis, Venezuela and Ireland rarely appear in the same conversation. One is a European technology and pharmaceutical hub; the other is a Caribbean oil-producing nation recovering after years of acute economic collapse and severe international sanctions. Yet beneath their profound geographical and institutional differences lies a shared structural […]

Oil activity in Zulia begins to pick up, with production reaching 360,000 barrels per day

September 12, 2026September 12, 2026Tatiana Da GamaLeave a Comment

The Venezuelan Petroleum Chamber confirmed increased activity among companies and equipment in the sector The Daily Journal.- The Venezuelan Petroleum Chamber (CPV) confirmed Thursday that oil activity in Zulia state has begun to pick up, with companies increasing operations and production reaching between 350,000 and 360,000 barrels per day. Roy Biagioni, president of the CPV’s […]

NABEP aims to produce 500,000 barrels per day by 2028

September 11, 2026September 11, 2026Tatiana Da GamaLeave a Comment

The Daily Journal.- North American Blue Energy Partners (NABEP), the oil company backed by the Donald Trump administration to develop oil fields in Venezuela, expects to increase its crude production to 500,000 barrels per day (bpd) by the end of 2028, more than double the approximately 200,000 bpd it currently produces, according to a Bloomberg […]

Venezuela’s oil production reached 1.201 million bpd in August

September 11, 2026September 11, 2026Tatiana Da GamaLeave a Comment

The Daily Journal. — Venezuela’s oil production reached 1.201 million barrels per day (bpd) in August 2026, according to a report released Thursday by the Organization of the Petroleum Exporting Countries (OPEC). The figure represents a slight increase of 1,000 bpd from the 1.200 million bpd Venezuelan authorities reported in July, keeping output above the […]

Chevron to ‘more than double’ number of oil rigs in Venezuela

September 10, 2026September 10, 2026Tatiana Da GamaLeave a Comment

The Daily Journal.— U.S. energy corporation Chevron will significantly expand its operating capacity in Venezuela by “more than doubling” the number of active drilling rigs as part of its five-year production plan, the company’s Chief Financial Officer Eimear Bonner said during a conference organized by Barclays. The deployment of new equipment supports the investment program […]

Delcy Rodríguez estimates 200 direct jobs for each activated oil rig

September 10, 2026September 10, 2026Tatiana Da GamaLeave a Comment

The Daily Journal.— Activating each oil rig in Venezuela will create around 200 direct jobs, according to data from Petróleos de Venezuela (PDVSA) cited by Acting President Delcy Rodríguez. “Each rig activates 200 jobs, 200 workers,” Rodríguez said during the inauguration of a boulevard in Puerto La Cruz, Anzoátegui state. Rodríguez said job creation will […]

José Guerra estimates the ‘fiscal sacrifice’ of the new oil agreement with the U.S. at $6 billion

September 8, 2026September 8, 2026Tatiana Da GamaLeave a Comment

The mechanism means that Venezuela, “an impoverished country, is subsidizing a rich country like the United States,” the economist said Neirlay Andrade.— Venezuela could face a fiscal sacrifice of around US$6 billion under the terms of the new oil agreement with the United States, according to an estimate presented Tuesday by economist José Guerra, who […]

Venezuela will lose at least $500 million a year under U.S. oil deal

September 8, 2026September 8, 2026Tatiana Da GamaLeave a Comment

The Daily Journal. — Economist Francisco Rodríguez questioned the financial structure of the agreement signed with the United States to develop 17 Venezuelan oil fields. He warned that, based on the terms publicly presented so far, Venezuela would hand over strategic assets and supply crude oil under preferential terms without receiving guarantees in return. In […]

PDVSA aims to raise oil production to 1.5 million barrels per day in 2027

September 8, 2026September 8, 2026Tatiana Da GamaLeave a Comment

The Daily Journal. — Petróleos de Venezuela S.A. (PDVSA) aims to increase production to 1.3 million barrels per day this year and 1.5 million in 2027, supported by the entry of private operators, the reactivation of drilling rigs and the adoption of new technologies, the company’s Executive Vice President Jovanny Martínez said. The target is […]

Héctor Obregón says U.S. oil deal can be renewed “for as long as necessary”

September 8, 2026September 8, 2026Tatiana Da GamaLeave a Comment

The Daily Journal — Petróleos de Venezuela (PDVSA) President Héctor Obregón said Monday that the oil agreement with the United States involves three parties and allows renewals for as long as necessary. However, the underlying contract sets an initial 25-year term. “The contract has a 25-year term, but legally, by mutual agreement, the parties can […]