PDVSA Faces Production Challenges Due to US Sanctions and Infrastructure Issues
In 2024, PDVSA was unable to increase production by 847,000 barrels per day due to infrastructure failures linked to US sanctions. Deferred production rose to 1.042 million barrels per day (MBD) in 2023, with plans to reduce it to 706 MBD in 2024. The operational plan includes efforts to recover 1,350 wells and reduce deferred production through strategic alliances. Main causes of deferred production include infrastructure issues and well deficiencies.
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PDVSA's production capacity in 2024 was hindered by infrastructure failures resulting from US sanctions, preventing a potential increase of 847,000 barrels per day. Deferred production reached 1.042 MBD at the end of 2023, with plans to lower it to 706 MBD in 2024.
The operational plan includes a strategic alliance to recover 1,350 wells, aiming to stabilize crude oil production. Key issues causing deferred production include 339.5 MBD from infrastructure problems, 235.6 MBD due to well deficiencies, and 60.0 MBD from compressor plant failures. Overall, PDVSA's operational challenges stem from sanctions and inadequate maintenance resources.
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