US EditionChevron, Shell to Sign Agreements for Oil, Gas Areas in Venezuela, Sources Say
The pacts could expand output in key oil and gas fields as Venezuela reviews contracts and seeks more foreign investment, sources said.
- Chevron and Shell are expected to sign agreements on Monday to reshape their Venezuelan energy operations, with Chevron returning the Loran gas field that Shell is set to operate.
- Following a $100 billion U.S. reconstruction plan for Venezuela's energy sector after capturing President Nicolas Maduro, sweeping oil law reforms approved in January have encouraged foreign investment in the country.
- Chevron is focused on expanding its Petropiar project into the neighboring Ayacucho 8 area in the Orinoco Belt, with executives stating the firm could increase output by about 50% within two years.
- Shell plans to drill subsea wells at Loran and tie them to its Manatee platform in Trinidad, supporting its Atlantic LNG project which has lacked sufficient Venezuelan gas for full capacity.
- President Delcy Rodriguez is expected to oversee the signing alongside the Oil Ministry and PDVSA, while the companies navigate ongoing contract reviews that could reaffirm or modify their existing Venezuelan operations.
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US oil giant Chevron signed two important agreements on Monday that will allow the company to expand its operations in Venezuela's Orinoco oil field.
SWI swissinfo.ch
Caracas, Apr 13 (EFE).- The Venezuelan government signed an agreement this Monday that expands the operations of the US company Chevron to increase oil production in the country, weeks after the approval of the hydrocarbon reform that opened the sector to private and foreign investment.
Venezuela expands Chevron operations in Orinoco Belt following hydrocarbon reform
Venezuela's government on Monday signed an agreement expanding US oil company Chevron's operations in the country, weeks after a hydrocarbon reform opened the sector to private and foreign investment. The signing ceremony took place at the Miraflores presidential palace in Caracas.
Chevron, Shell Near Venezuela Energy Agreements
Chevron was expected to sign agreements on Monday to return a gas field to Venezuela and participate in an extra heavy crude area in the country's main oil region, while Shell is set to sign a pact to receive the Loran gas field for operation, three sources close to the preparations said.
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