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Chevron, Shell closing in on first big oil production deals in Venezuela since US captured Maduro: Reuters
Chevron and Shell secure deals to boost Venezuela's oil output, tapping $100 billion investment potential and new laws allowing foreign operational control, sources say.
- Chevron and Shell are closing in on major oil deals in Venezuela, with Chevron agreeing to preliminary terms to expand Petropiar and gain rights to Ayacucho 8, while Shell signed agreements last week to develop Carito and Pirital fields.
- Venezuela's National Assembly approved reforms granting foreign operators more autonomy, aligning with a $100 billion revival plan after political developments earlier this year.
- Expanding into Ayacucho 8 could add a fifth area and rapidly boost Chevron's heavy-oil output after producing 90,000 bpd upgraded Hamaca and 20,000 bpd vacuum gasoil at Petropiar last month.
- Venezuela's government review due by the end of March could revoke inactive contracts, while the U.S. administration is vetting potential partners for sanctions compliance, affecting approvals and returns.
- Shell is pursuing oil and gas projects in eastern Venezuela with engineering partners, developing Monagas North's fields to provide resources for blending and export, aligning with its gas strategy.
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Exclusive: Chevron, Shell closing in on first big oil production deals in Venezuela since US captured Maduro, sources say
International oil majors Chevron and Shell are closing in on the first big oil production deals with Venezuela since the U.S. capture of President Nicolas Maduro in January, five sources close to the negotiations told Reuters.
·United Kingdom
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The agreements would allow both companies to increase production in coveted oil regions of the South American country
·Bogotá, Colombia
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Parliamentary committee approves hydrocarbon exploration bill for southern Crete and Peloponnese
The Parliament’s Standing Committee on Production and Trade on Wednesday approved by majority an Energy Ministry bill ratifying exclusive lease agreements between Greece and a consortium formed by US oil major Chevron and Helleniq Energy, Greece’s largest oil refiner, to explore for natural gas off southern Crete and south of the Peloponnese.
·Athens, Greece
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Total News Sources12
Leaning Left0Leaning Right1Center4Last UpdatedBias Distribution80% Center
Bias Distribution
- 80% of the sources are Center
80% Center
C 80%
R 20%
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