Horacio Medina: «Venezuela can be recovered as the energy center of the region»

Horacio Medina: In two years Chevron could increase production to 200,000 bpd

In his opinion, there is no way for the national productive apparatus to recover if a change is not made in the country’s political leadership model where the legal and constitutional framework begins to be respected.

On November 26, the US Department of the Treasury issued a license authorizing Chevron to extract Venezuelan oil. According to experts, this productive reactivation could increase oil production in Venezuela by up to 100,000 barrels of oil per day (bpd) in the coming months.

During the ChroniclesChronicles This Friday, December 2, Horacio Medina, president of PDVSA’s ad hoc administrative board, said that in the best of cases Chevron could increase some 200,000 barrels of oil in a period of 24 months, but for this, Chevron must have control of the operation and would have to make its own imports of diluents, which implies recovering a large part of the logistics apparatus.

He said that he cannot yet classify this authorization as good or bad, but he remembers that for a long time “this is the systematic, forceful and daily effort that Chevron made to open and extend a little the license that had been operating since the end of 2018 and beginning of 2019 when the sanctions started.”

He explained that for Chevron this license is very good because that way they are able to obtain what in principle they have justified as starting to collect a large debt that PDVSA has with the company. He added that these debts have never been specified and that it is also due to initiatives that Chevron took at the time to grant some loans to the government of Hugo Chávez.

Medina explained that it is very good for Venezuela because it would be trying to reactivate operations in some fields, but he emphasized that what is happening is that it is given excessive political treatment by the Maduro regime. “Based on the fact that sanctions are being relaxed here and that this is already an unequivocal sign that companies are coming, that there will be large investments and that the country is going to recover (…) that is where the bad is because expectations are created that are not true”.

In his opinion, there is no way for the national productive apparatus to recover if a change is not made in the country’s political leadership model where the legal and constitutional framework begins to be respected and where the company begins to behave with a minimum transparency.

Also read: El Aissami forgot to explain the new agreements signed with Chevron

He acknowledged that he does not know in detail the agreement that must necessarily be signed between PDVSA and Chevron to see how they will operate. “It seems that the mixed company, which is Pdvsa and Chevron, hires another company, which is Chevron, to operate the field, then they pay for those operations with crude oil and that oil, already owned by Chevron, can reach the United States because Chevron It is not a sanctioned company. It’s a theory.”

In addition, he stressed that this opens an important door on whether it is legal and whether the Organic Hydrocarbons Law valid.

Regarding this issue, he explained that there is a point that should be kept in mind. “First, if you have to make changes to the Hydrocarbons Law, concessions or partial modifications so that this agreement can be possible. Who is going to do it, the National Assembly of Jorge Rodríguez or the National Assembly of Juan Guaidó? ”, he asked himself. He explained that if the United States were to recognize a change that comes from the 2020 NA, it would enter into a major contradiction over who is recognized. “There are things there that are not clear and I think it deserves a little more investigation,” he said.

“A series of conjectures that can be made if one knew exactly the bottom of the matter that we do not know, but in principle, I believe that this is what is happening. This expansion does not fully meet the expectations that the regime had, it does not fully meet the expectations of Chevron, and it opens up some options that many people exaggerate in terms of what it means.”

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