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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.
- Last week, Chevron CVX and Shell SHEL signed preliminary agreements with Venezuelan authorities to expand Petropiar into Ayacucho 8 and develop Carito and Pirital in Monagas North.
- This year, Venezuela's National Assembly approved oil-law changes granting foreign firms autonomy to operate, export, and sell Venezuelan oil, while U.S. President Donald Trump called it key to a $100 billion revival plan.
- Production data show Chevron and PDVSA output at Petropiar was around 90,000 bpd and 20,000 bpd last month, and extending Petropiar's well-cluster to Ayacucho 8 could boost extra-heavy oil production and exports.
- The Venezuelan government is reviewing oil and gas contracts, warning it may revoke inactive projects, while the U.S. administration vets partners for sanctions compliance before expansions.
- Interest from Repsol and talks with ConocoPhillips persist despite $12 billion in claims, as Chevron could become the largest private producer in the Orinoco Belt, producing light and medium crude for export blending.
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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 international companies Chevron and Shell are close to concluding their first significant oil exploitation agreements in Venezuela since the capture of Nicolás Maduro in January, according to
The agreements would allow both companies to increase production in coveted oil regions of the South American country
·Bogotá, Colombia
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Total News Sources13
Leaning Left0Leaning Right1Center4Last UpdatedBias Distribution80% Center
Bias Distribution
- 80% of the sources are Center
80% Center
C 80%
R 20%
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