Chevron Nears Deal to Expand Oil Operations in Venezuela
The deal would give Chevron more control over joint ventures and expand its largest Venezuela project into the Ayacucho 8 block.
- Chevron Corp. is finalizing negotiations to migrate all its Venezuelan oil joint ventures into a new energy framework, allowing the company more control over operations and key oilfield expansions.
- The agreement, expected to be announced Wednesday, includes an asset swap allowing the Petropiar heavy crude project to expand into the neighboring Ayacucho 8 block.
- As the only U.S. oil major active in the country, Chevron accounts for about a fifth of Venezuela's oil production, cementing its dominance in the sector.
- The Trump administration is negotiating to take a significant stake in Venezuelan oil fields, while other energy companies discuss new investments in the sector.
- Chevron remained in the country after the government expropriated assets belonging to ExxonMobil Holdings Corp. and ConocoPhillips in 2007, positioning it as the primary operator as the sector shifts.
16 Articles
16 Articles
US expands Venezuela oil push as Chevron prepares project expansion
Houston, Aug. 29 (SANA) U.S. President Donald Trump has announced an agreement aimed at securing majority U.S. control of more than 65 billion barrels of Venezuela’s proven oil reserves through a partnership with private businesses, as Chevron prepares to expand key projects in the South American country. Trump provided few details about the arrangement, saying the United States had secured majority control of more than 65 billion barrels of pro…
Chevron Set to Finalize Deal to Expand Oil Projects in Venezuela
Sources say the agreement will let Chevron shift its Venezuelan joint ventures into the country’s new energy framework, giving the US company greater operational control The post Chevron Set to Finalize Deal to Expand Oil Projects in Venezuela appeared first on in.gr.
Chevron is negotiating an expansion of its operations in Venezuela, which would include the addition of two new fields of exploitation to the portfolio of American oil, according to the news agency Bloomberg on Friday (28). The company is today the largest operator in the United States operating in the South American country, responding for about a fifth of Venezuelan oil production. According to Bloomberg, Chevron's potential new investment is …
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