Venezuela’s state oil company PDVSA and US oil major Chevron have requested a 15-year extension for two of their joint ventures from the country’s oil ministry, said Deputy Minister Erick Perez.

PDVSA and Chevron have been working together on joint projects since late last year, under a special US license that allowed Venezuela to resume crude exports to the United States. However, in order to reach production levels seen before oil sanctions were imposed in 2019, more investment is needed.

The largest of the two joint projects, Petroboscan, is currently producing 65,000 barrels per day (bbl/d) of heavy crude, and to continue operations for the next 15 years, it will require $1.28 billion for investment and $3.35 billion for operational expenses.

The second project, Petroindependiente, will need $10.7 million for investment and $205 million for operational expenses. These investments are crucial for the project’s success and will contribute to the overall growth of Venezuela’s oil industry.

The request for a 15-year extension will be discussed by Venezuela’s National Assembly, which is currently dominated by the government’s party.

Perez also mentioned that Venezuela’s current oil production is below its 1.9 mmbbl/d OPEC quota, due to the impact of sanctions. As a result, the country expects to remain exempted from any OPEC+ output cuts planned. However, they are determined to continue ramping up production and make the most of their quota.

Venezuela confirmed the government is working for reviving the idle offshore gas project Plataforma Deltana near waters reclaimed by Guyana, but Perez did not provide details.