Chevron Finalizes Deal to Expand Venezuela Oil Operations
Chevron is finalizing an agreement with Venezuela to migrate joint ventures into a new energy framework, granting the company greater operational control and oilfield expansions.
Chevron Corp. is finalizing an agreement to migrate its oil joint ventures in Venezuela into a new national energy framework. The deal, expected to be announced Wednesday, provides the U.S. energy company with increased operational control and the ability to expand key oilfields.
As part of the agreement, an asset swap will allow the Petropiar heavy crude project to expand into the Ayacucho 8 block. Chevron is also negotiating for a second expansion area within the Orinoco Belt. Discussions between the company, the state oil company PDVSA, and the Ministry of Petroleum of Venezuela include the potential addition of another oil area to the Chevron portfolio.
The signing is anticipated to include contract migrations for other foreign companies currently operating within Venezuela.
Keep reading in the app
The full story and every source, free in the app.
Coming soonGoogle Play