Page 9 - LatAmOil Week 08 2023

LatAmOil VENEZUELA LatAmOil

Chevron has been delivering most of its Venezuelan oil to the Pascagoula refinery (Photo: Chevron)

It began executing that plan almost immediately Both of the ventures cut production signif-
by arranging to sell Venezuelan crude to Phillips icantly following the introduction of the sanc-
66 and then followed by executing a shipment of tions regime, but they have been expanding
Venezuelan crude to Valero in early February. upstream operations since late November of
Meanwhile, Chevron is loading tankers this last year, when the US State Department granted
month with crude oil that has been in storage for Chevron a temporary exemption from the trade
several years, since the imposition of sanctions restrictions. Under the document granting that
of Venezuela’s hydrocarbon industry by the six-month exemption, known as General Law
administration of US President Donald Trump 41 (GL 41), the company has the right to take an
in early 2019. expanded role in four Venezuelan JVs involved
Most of those volumes were extracted by in the production, refining and export of petro-
Petroboscan and Petropiar, Chevron’s main joint leum products, as well as the right to import oil
ventures with Venezuela’s national oil company and fuel produced by these companies to the
(NOC) PdVSA. US. ™

GUYANA
Oil sector set to trigger 25% economic

growth in Guyana for the next 3-4 years

GUYANA’S Finance Minister Ashni Singh
stated on February 16 that his government
expects national economic growth to average at
least 25% over the next three to four years. This
will make the South American country, which
became an oil producer in December 2019, one
of the world’s fastest-growing economies.
“From 2020 onwards, we’ve achieved
extremely strong real economic growth overall,”
Singh stated at the Guyana Energy Conference
and Expo in Georgetown. “Over the last three
years, the Guyanese economy has tripled in size.”
He was making a reference to the 62% real Finance Minister Ashni Singh is confident of continued growth (Photo: DPI.gov.gy)
growth achieved by Guyana’s economy during
the past year. In 2023, the nation’s economy is In 2023, the South American country’s oil
expected to achieve a further 25% in real growth. industry is forecast to grow by 31%, reaching a
Currently, Guyana’s economic growth stems total valuation of $1.63bn, based on the assump-
largely from the country’s oil exploration and tion that oil prices will average around $83 per
development projects. barrel.

Week 08 22•February•2023 www. NEWSBASE .com P9