financetom
Business
financetom
/
Business
/
Venezuela mulls proposal to extend PDVSA-Chevron oil joint venture through 2047
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Venezuela mulls proposal to extend PDVSA-Chevron oil joint venture through 2047
Jun 17, 2024 2:06 PM

CARACAS, June 17 (Reuters) - Venezuela's National

Assembly on Monday began discussing a proposal to extend through

2047 a contract between state oil company PDVSA and U.S. company

Chevron ( CVX ) to operate a joint venture in the country's

largest producing area.

PDVSA and Chevron ( CVX ) have four joint ventures in Venezuela that

are producing some 200,000 barrels per day (bpd) of crude.

The companies are requesting an extension for Petropiar in

the Orinoco Belt, the partnership that produces the most oil,

Venezuela's deputy oil minister, Elianny Palencia, said during a

presentation at the National Assembly in Caracas.

The extension for Petropiar will apply for the period

2033-2047, once the current association expires, under a plan to

drill up to 386 wells in the area, according to the document

presented to the National Assembly, seen by Reuters.

PDVSA and Chevron ( CVX ) won approvals for similar 15-year

extensions last year for two other joint ventures. An extension

of the fourth joint venture is not yet planned.

All the joint ventures produce and export crude under a

license granted by the U.S. Treasury Department to Chevron ( CVX ) in

late 2022 as an exemption to the U.S. sanctions on the South

American country. But more investment is still needed to reach

production levels before oil sanctions were first imposed in

2019.

Venezuela's crude output is approaching 1 million bpd, said

oil minister Pedro Tellechea last week. In 2023, the country's

production averaged 783,000 bpd, and rose to 864,000 bpd in the

first quarter, according to figures reported to OPEC.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
What's Going On With Tesla Stock Tuesday?
What's Going On With Tesla Stock Tuesday?
Mar 5, 2024
Tesla Inc ( TSLA ) shares are trading lower Tuesday after one of the company’s factories had to halt production due to a nearby arson attack. What Happened: Tesla’s Gigafactory Berlin suffered a power outage and was forced to halt production on Tuesday following a suspected arson attack that caught a nearby electricity pylon on fire, per Reuters. The fire...
Russia's Sberbank: AI to make 60% of corporate loan decisions by year-end
Russia's Sberbank: AI to make 60% of corporate loan decisions by year-end
Mar 5, 2024
MOSCOW (Reuters) - Decisions on 60% of corporate loans issued by Russia's top lender Sberbank will be made using artificial intelligence (AI) by the end of this year, CEO German Gref said on Tuesday. Gref has placed artificial intelligence and digital transformation at the heart of the bank's strategy, as Russia adjusts to life without Western technology after sanctions over...
Western Digital names heads for flash memory, HDD units after split
Western Digital names heads for flash memory, HDD units after split
Mar 5, 2024
March 5 (Reuters) - Western Digital ( WDC ) on Tuesday named chief executives for its soon-to-be separated flash memory and traditional hard-disk drive (HDD) businesses and said the process was on track for completion in the second half of 2024. Irving Tan, executive vice president of global operations, will take the helm at the remaining standalone HDD company that...
AI start-up Lore Machine in funding talks, rolls out visual-storytelling platform
AI start-up Lore Machine in funding talks, rolls out visual-storytelling platform
Mar 5, 2024
March 5 (Reuters) - Lore Machine, an artificial intelligence start-up that allows writers to convert stories into images, audio and animation, said it was in talks to raise funds and started rolling out its visual-storytelling platform to the public on Tuesday. The company plans to charge between $10 and $160 per month for its platform that allows users to customize...
Copyright 2023-2026 - www.financetom.com All Rights Reserved