*

PDVSA to produce 105,000-138,000 bpd of Hamaca heavy crude

*

A portion of output to be refined domestically, another

exported

to markets other than the US

*

Diluents to be recycled, supplied from Paraguana complex

(Adds context on projects and license, details in paragraphs

2-3 and 5-11)

March 17 (Reuters) - Venezuela's state-run PDVSA has put

together three operational scenarios as part of a plan to

continue producing and exporting oil at its largest joint

venture with Chevron ( CVX ) once a license for the U.S. major

to operate in the country expires next month, according to a

company document seen by Reuters on Monday.

The administration of U.S. President Donald Trump this month

gave Chevron ( CVX ) 30 days through early April to wind down all oil

operations and exports from Venezuela that are currently going

to the United States under a license granted in 2022.

Chevron ( CVX ) has a presence in the U.S.-sanctioned South American

country through joint ventures where PDVSA is the largest

shareholder, with the Petropiar project at the vast Orinoco Belt

being the most important partnership.

The Venezuelan firm plans to produce between 105,000 and

138,000 barrels per day (bpd) of Hamaca heavy crude at Petropiar

once the Chevron ( CVX ) license expires, in line with production levels

in recent months, the document says.

A portion of the crude output that varies depending on the

scenario will be sent to domestic refineries along with some

byproducts like vacuum gasoil, while another portion will be

exported to markets other than the U.S.

The vacuum gasoil allows PDVSA to produce low-octane

gasoline for domestic distribution.

PDVSA's main goal with the changes is to maintain

Petropiar's output levels and avoid the need to halt the

upgrader or shut any of the joint ventures' oilfields, a source

close to the company's operations said.

PDVSA and Chevron ( CVX ) did not immediately reply to requests for

comment.

In order to deal with possible shortages of diluents needed

to sustain Petropiar's operations, PDVSA will recycle a larger

portion of imported naphtha while supplying other diluents from

its largest refining complex, Paraguana, to the project.

A dynamic movement of tankers that is currently allowing

Chevron ( CVX ) to move Venezuelan crude between domestic ports before

exporting would be minimized, according to the document.

Some units of Petropiar's crude upgrader are expected to be

taken out of service to produce feedstocks other than crude oil

in an arrangement similar to the one PDVSA put in place in 2020

when the Chevron ( CVX ) license was restricted by Trump's first

administration.