CARACAS, April 1 (Reuters) - Petroindependencia, a joint

venture between Venezuelan state-owned oil company PDVSA and

U.S.-based major Chevron ( CVX ) has started a new drilling campaign,

PDVSA said in a statement on Monday.

The United States loosened oil sanctions on Venezuela in

October following an election guarantee agreement between the

South American country's government and its political

opposition.

Chevron ( CVX ) has a separate authorization to operate oil fields

in Venezuela, a member of the Organization of the Petroleum

Exporting Countries (OPEC). The sanctions relief allows greater

Venezuelan exports, paving the way for the company to boost

output.

Chevron ( CVX ) has proposed adding 65,000 barrels per day

(bpd) to its Venezuela crude output by the end of this year,

Reuters reported in September citing three sources familiar with

the matter.

The new drilling program is part of that planned expansion.

"The CMI14 well, the first of 17 planned in the business

plan this year, represents an important advance for the increase

in production by this joint business," PDVSA said, adding the

well was drilled in February.

While the sanctions are currently eased, the U.S. has said

the relaxation will expire in mid-April if the country's ruling

socialists do not allow the winner of the opposition primary to

run.