US EditionChevron Expands Stake in Key Venezuelan Oil Region with New Deal
- On Monday, Chevron signed two key agreements to expand operations in the Orinoco Belt, including an asset swap for extra heavy crude, during an event attended by President Delcy Rodriguez and officials from state-owned PDVSA.
- These agreements are among the first major expansion deals since a $100 billion reconstruction plan for Venezuela's energy sector was launched, following a January reform of the country's main oil law encouraging foreign investment.
- Chevron will increase its stake in the Petroindependencia joint venture with PDVSA to 49% from 35.8%, while acquiring the Ayacucho 8 area and relinquishing its interest in the Loran offshore gas field.
- Current joint ventures with PDVSA produce 260,000 barrels per day of crude, and President Delcy Rodriguez stated the deals will allow "Venezuela and Chevron to progress to increase output and secure revenue for the benefit of the people."
- Energy major Shell is expected to sign a separate agreement later this week to develop the Loran gas field, which extends into Trinidad and Tobago, as a single project with its Manatee field.
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60 Articles
Chevron Reaches Oil Agreement with Venezuela
Chevron announced that it has reached an asset swap agreement with Venezuelan entities. Under the agreement, Chevron will receive an additional 13.21% working interest in the Petroindependencia, S.A. joint venture, bringing its total stake to 49%, the company explained. Petropiar, S.A. joint venture, has been given the rights to develop the Ayacucho 8 area located in the Orinoco Oil Belt of Venezuela. “This agreement expands Chevron’s heavy oil …
Chevron Agrees on Asset Swap in Venezuela to Focus on Heavy Oil Projects
Chevron announced on April 13 that it had reached agreements with the Venezuelan government to expand its operations in the world’s largest extra-heavy crude oil field. The American energy giant inked two agreements to grow its presence in the South American nation’s Orinoco Belt, which overlies the largest proven reserves of extra-heavy crude oil on the planet. It covers approximately 50,000 square kilometers (19,000 square miles) and is underl…
Chevron Agrees on Asset Swap in Venezuela to Focus on Heavy Oil Projects - The Thinking Conservative News
Chevron reached agreements with the Venezuelan government to expand its operations in the world’s largest extra-heavy crude oil field, the Orinoco Belt. The post Chevron Agrees on Asset Swap in Venezuela to Focus on Heavy Oil Projects appeared first on The Thinking Conservative News.
The Venezuelan government signed an agreement this Monday that expands the operations of the U.S. company Chevron to increase oil production in the country, weeks after the approval of the oil reform that opened the sector to private and foreign investment. This agreement, signed in an act in the presidential palace of Miraflores, in Caracas, increased Chevron's participation in the joint venture Petroindependence to 49% and also granted rights …
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