chemXplore tracks 1 project in Venezuela, of which one is active.
1 new construction.
Owners and developers: Petroindependencia S.A. (1), Petróleos de Venezuela S.A. (1)
Investors: Chevron (1)
Exclusive operatorship granted for Junín-5 oil field; transition from JV under new hydrocarbon law; field holds 35 billion barrels in place and produces about 12,000 bpd.
Updated JV terms and added Orinoco acreage underpin plans to invest $7bn+, more than double output to ~600,000 b/d at under $20/boe over five years.
Phase 2 holds an estimated 4 trillion cubic feet of recoverable gas; bp will operate a three-way joint venture and signed MoUs to pursue further offshore exploration.
Adds a material share in over 4 Tcf proven gas in the Loran‑Manatee area, links resources to existing infrastructure and strengthens the Atlantic Basin gas portfolio.
MoU with Venezuelan government and PDVSA to evaluate Horcón area, study offshore gas prospects, and address payments and crude cargo scheduling.
Inventory-driven earnings and Middle East volatility prompt €1.2bn stock build, kerosene output up 15–20%, €35m in fuel discounts at stations to date.
Agreed with Venezuela and PDVSA to resume Petroquiriquire operations, ensure payments and raise output 50% in 12 months and 3x in 3 years if conditions hold; OFAC GL50A permits transactions.
Clariant divested its Venezuelan unit for USD 1.8M. The move affects 60 employees and will impact net profit due to a CHF 236M noncash reclassification, but not cash flow or EBITDA guidance.
