Chevron Nears Deal to Expand Oil Operations in Venezuela
The deal would give Chevron more control over joint ventures and expand its largest Venezuela project into the Ayacucho 8 block.
- Chevron Corp. is finalizing negotiations to migrate all its Venezuelan oil joint ventures into a new energy framework, allowing the company more control over operations and key oilfield expansions.
- On Wednesday, the company is expected to announce an agreement that includes an asset swap allowing the Petropiar heavy crude project to expand into the neighboring Ayacucho 8 block.
- Chevron already accounts for approximately one-fifth of Venezuela's oil production and remains the only major oil company active in the country.
- The Trump administration is negotiating to take a significant stake in Venezuelan oil fields, while other energy companies discuss new investments in the sector.
- Chevron remained in the country after the government expropriated assets belonging to ExxonMobil Holdings Corp. and ConocoPhillips in 2007, positioning the company as a primary operator.
15 Articles
15 Articles
Chevron Set to Finalize Deal to Expand Oil Projects in Venezuela
Sources say the agreement will let Chevron shift its Venezuelan joint ventures into the country’s new energy framework, giving the US company greater operational control The post Chevron Set to Finalize Deal to Expand Oil Projects in Venezuela appeared first on in.gr.
Chevron is negotiating an expansion of its operations in Venezuela, which would include the addition of two new fields of exploitation to the portfolio of American oil, according to the news agency Bloomberg on Friday (28). The company is today the largest operator in the United States operating in the South American country, responding for about a fifth of Venezuelan oil production. According to Bloomberg, Chevron's potential new investment is …
Coverage Details
Bias Distribution
- 50% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
