(FamilyConservationPAC.com) – According to Reuters earlier this week, the California-based oil company Chevron intends to increase the number of oil rigs in Venezuela to increase oil output there.
As part of the company’s plans to raise its oil output from Venezuela to 200,000 barrels per day (bdp) by 2024, the proposed rigs will reportedly add about 65,000 barrels per day (bdp).
BIDEN'S AMERICA LAST! Chevron to Add New Oil Drilling Rigs in Venezuela Following Biden Sanctions Relief
The proposed rigs would reportedly add some 65,000 barrels per day (bdp) as part of the company’s goals of increasing its Venezuelan oil output to 200,000 bdp by the end… pic.twitter.com/kHAfGLJCHu
— TheLogger (@TheLastLogger) September 27, 2023
With the proposal, Chevron will conduct its first significant drilling operation in Venezuela since the Biden administration loosened oil sanctions against Nicolás Maduro’s socialist state in November.
Chevron was awarded the first authorization by the Biden administration to import Venezuelan oil into American markets.
According to reports, Chevron’s plans call for new oil rigs that would enable Venezuela, which is practically in ruins after 20 years of socialism, to regain its lost crude oil production output.
Additionally, it would hasten Chevron’s efforts to recover $3 billion in delinquent dividends and debt from its Venezuelan businesses.
Treasury Secretary Janet Yellen on MSNBC:
"If you go back to last summer when oil prices peaked, gas prices are down $1.20."
She conveniently left out the fact that gas prices have skyrocketed by 53% under Joe Biden. pic.twitter.com/Ec3aa3x5Q6
— Daniel Turner (@DanielTurnerPTF) September 19, 2023
Due to the Biden administration’s license to Chevron, Venezuela can increase its oil output and exports in 2023.
According to a Reuters story that claims three unnamed sources with knowledge of the situation, Chevron’s joint ventures with Venezuela’s state-owned Petróleos de Venezuela (PDVSA) oil business currently produce about 135,000 barrels daily.
They are expected to export 124,000 barrels daily on average to the United States by 2023.
Based on Reuters’ analysis of independent estimates and shipping data, Venezuela is now almost back to its pre-2019 oil output levels.
In 2019, the former Trump administration sanctioned PDVSA in retaliation for the Maduro regime’s years-long human rights abuse against its people, and the US was forbidden from purchasing Venezuelan oil.
As per Reuters, Chevron’s initial plans involve installing equipment on the Petroindependencia project, which is situated in the Orinoco Belt, Venezuela’s primary oil production zone.
Additionally, Chevron intends to form two joint ventures: one in the Petropiar project in the Belt and another in Petroboscan, which is close to Lake Maracaibo and has been extensively damaged by ongoing oil leaks brought on by socialist mismanagement.
The plan is to “drill two wells per month at the Orinoco [Belt],” a source told Reuters.
According to Reuters, Chevron’s goal of 200,000 barrels per day by the end of 2024 may enable Venezuela to produce 1 million barrels of oil per day, which is more than the country’s current average of 785,000 barrels per day for 2023 but still less than the 2 million barrels that socialist ruler Nicolás Maduro had pledged in 2022.
In 1998, Venezuela produced an average of 3.5 million barrels per day before the election of the late socialist dictator Hugo Chávez and the advent of the Bolivarian Revolution.
Chevron’s drilling ambitions won’t require new licenses or approvals from the US as the areas covered by the proposal are already covered by the license the Biden administration awarded in November.
Negotiations between the Biden administration and the Maduro regime are said to have occurred around 2023.
The offer involved temporarily removing oil restrictions in exchange for “free and fair” presidential elections in 2024.
Oil prices just topped $90 per barrel.
If you think rising inflation is over,
It’s just getting started…
Joe Biden pillaged our strategic oil reserves keeping the price of gas artificially low. Below are San Diego’s prices today
What are the gas prices at in… pic.twitter.com/AJX9oyJxiA
— Politically Stripped ™️ (@politstrip) September 18, 2023
However, Maduro has emphasized time and time again that unless all sanctions against the rogue socialist dictatorship and its officials are repealed, there will be no “free and fair” elections in Venezuela.
This demand has been branded “sanctions-free fair elections” by the Maduro dictatorship.
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