LA JOLLA, Calif., May 13 - OPEC-related output cuts at Chevron's (CVX.N) oil fields in Venezuela have held steady at between 50,000 and 70,000 barrels per day in recent months, a company executive said Wednesday.
Ali Moshiri, head of Chevron's Latin American operations, said 20,000 to 40,000 bpd of the gross cuts were at the Boscan field and 30,000 bpd were at its Petropiar development.
"Venezuela definitely follows the OPEC quota," Moshiri told reporters.
Chevron has enjoyed a better relationship with the Venezuelan government than other U.S. companies and it is looking at opportunities to expand its heavy oil upgrading joint-venture.
The Petropiar project, formerly known as Hamaca, is one of four heavy oil production and upgrading projects that pump crude oil from Venezuela's vast Orinoco heavy oil belt.
"There are three or four basins in Latin America that you can't ignore: the basins in Mexico, the basins in Venezuela and the basins in Brazil. Those are the basins that can change the portfolio of a company," Moshiri said in a speech at a conference organized by the Institute of the Americas.
Venezuela recetly said it would nationalize the oil services industry leading to speculation that political risk in the OPEC nation was on the rise again.
However, Moshiri said he was confident Chevron's existing investments in the country were secure.
"The problem in Venezuela is not what we have. The challenge for Venezuela is where do we go from here," Moshiri said.
Ali Moshiri, head of Chevron's Latin American operations, said 20,000 to 40,000 bpd of the gross cuts were at the Boscan field and 30,000 bpd were at its Petropiar development.
"Venezuela definitely follows the OPEC quota," Moshiri told reporters.
Chevron has enjoyed a better relationship with the Venezuelan government than other U.S. companies and it is looking at opportunities to expand its heavy oil upgrading joint-venture.
The Petropiar project, formerly known as Hamaca, is one of four heavy oil production and upgrading projects that pump crude oil from Venezuela's vast Orinoco heavy oil belt.
"There are three or four basins in Latin America that you can't ignore: the basins in Mexico, the basins in Venezuela and the basins in Brazil. Those are the basins that can change the portfolio of a company," Moshiri said in a speech at a conference organized by the Institute of the Americas.
Venezuela recetly said it would nationalize the oil services industry leading to speculation that political risk in the OPEC nation was on the rise again.
However, Moshiri said he was confident Chevron's existing investments in the country were secure.
"The problem in Venezuela is not what we have. The challenge for Venezuela is where do we go from here," Moshiri said.
