Venezuela's National Assembly is deliberating on a proposal to extend the JV between state oil company PDVSA and Chevron until 2047, reported Reuters.  

This extension pertains to the Petropiar JV in the Orinoco Belt, recognised as Venezuela's most abundant oil-producing region.  

Petropiar's extension will span from 2033 to 2047 following the current agreement's conclusion. 

The proposal includes an investment of $2.39bn and operational expenses of $8bn, with the aim to drill up to 386 new wells in the Orinoco Belt, as detailed in the document submitted to the National Assembly and reviewed by Reuters. 

Currently, the four JVs between PDVSA and US-based Chevron produce approximately 200,000 barrels per day (bpd).  

Petropiar stands out as the most productive among these, with plans to increase its output from the current 110,000bpd to 150,000bpd.  

Venezuela's Deputy Oil Minister Elianny Palencia outlined the proposal during a session at the National Assembly in Caracas, highlighting the need for substantial investment and operational expenses. 

The National Assembly is expected to decide on this extension in the coming days.  

Last year, PDVSA and Chevron were granted similar 15-year extensions for two other JVs, although there are no immediate plans to extend the fourth JV. 

These JVs operate under a special licene from the US Treasury Department, which temporarily lifts US sanctions on Venezuela for these specific projects.  

Despite the sanctions, Venezuela's oil production is on the rise, with the South American nation’s Oil Minister, Pedro Tellechea, reporting output of nearly one million barrels per day.  

Official figures submitted to OPEC show an increase from an average of 783,000bpd in 2023 to 864,000bpd in the first quarter of this year. 

Last month, the US Treasury Department issued a two-year licence to BP and the National Gas Company of Trinidad and Tobago for the development of the Cocuina-Manakin gas fields.