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  • Will Chevron be able to produce crude oil in Venezuela?
  • Much of Venezuela's crude oil production capacity and infrastructure have suffered from a decade-long lack of capital and regular maintenance. Chevron's earlier exemption increased its production to 135,000 barrels per day (b/d) in 2023, and we expect Chevron's output in Venezuela to reach 200,000 b/d by the end of 2024.
  • What type of electricity is produced in Venezuela?
  • Electricity in Venezuela is predominantly produced from hydroelectricity . Venezuela ranked 11th in the world for oil production in 2016; production has since fallen steeply. The largest oil company is Petróleos de Venezuela (PDVSA). Oil fields in the country include Bolivar Coastal Field, Boscán Field, Maracaibo Basin and Orinoco Belt .
  • How much oil does Venezuela produce in 2023?
  • Despite the sizeable reserves, Venezuela produced 0.8% of total global crude oil in 2023. Most of Venezuela's proven oil reserves are extra-heavy crude oil from the Orinoco Belt.
  • How is natural gas used in Venezuela?
  • Venezuela's natural gas reserves are still underutilized, and a large portion of the country's current natural gas output is used to supplement the output of mature oil fields rather than sold to generate revenue.24 A portion of this natural gas (about 30%) is reinjected into oil fields to increase crude oil production.
  • What is the largest oil company in Venezuela?
  • The largest oil company is Petróleos de Venezuela (PDVSA). Oil fields in the country include Bolivar Coastal Field, Boscán Field, Maracaibo Basin and Orinoco Belt . Hydro power provided 74% of domestic electricity in 2008. Venezuela produced 87 TWh hydro power in 2008, 2.6% of the world total.
  • How much oil will Venezuela produce in 2021?
  • As of November 2021, domestic oil production targets in Venezuela set by the national oil company PDVSA were 1 million barrels per day by the end of the year, despite geopolitical turmoil.