Venezuela's national assembly on Dec. 14 approved a 15-year extension for a pair of joint ventures between state-owned oil company PDVSA and U.S. major Chevron.

The assembly is dominated by lawmakers from the ruling socialist party of President Nicolas Maduro.

The extensions will run from 2026 through 2041, according to a presentation to lawmakers by deputy oil minister Erick Perez on Dec. 13.

Since last year, PDVSA and Chevron have expanded operations under a special U.S. license that permits Venezuela to resume crude exports to what was its largest market, the United States. But more investment is needed to reach production levels seen before oil sanctions were first imposed in 2019.

The largest of the two tie-ups, Petroboscan, which is currently producing some 65,000 bbl/d of heavy crude, will require $1.28 billion in investment and $3.35 billion for operational expenses during the 15-year period, according to Perez.

The second project, Petroindependiente, will need $10.7 million in investment and some $205 million for expenses.

Another 17 joint ventures have requested extensions, according to a lawmaker Angel Rodriguez, but he did not provide a timeline.

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