Venezuelan sanctions relief a boon for others: Chevron

Chevron said the temporary lifting of US sanctions targeting Venezuela's oil sector is more of a boon for others than the second-biggest US major.

"It really kind of opens up the operating room for others, more so than it does for us," chief executive officer Mike Wirth told analysts today.

Chevron was granted a waiver in November last year allowing it to import Venezuelan oil into the US from its joint ventures with state-owned PdV.

Chevron's production from Venezuela has risen to around 130,000 b/d from 60,000 b/d earlier in the year. The company expects output to increase further to around 150,000 b/d by the end of the year.

"You'll see more crude flow to the US," Wirth said in light of the decision earlier this month by the US to lift more sanctions targeting Venezuela's oil and gas sector after its government agreed to work toward free and fair presidential elections next year. "It doesn't materially change our circumstances here."

By Stephen Cunningham