Chevron Nears Venezuela Expansion Deal as Its Fields Supply About 25% of Output
Updated
Updated · The New York Times · Aug 28
Chevron Nears Venezuela Expansion Deal as Its Fields Supply About 25% of Output
3 articles · Updated · The New York Times · Aug 28
Summary
Advanced talks between Chevron and Venezuelan officials could produce a deal as early as next week to significantly expand the U.S. oil major’s operations in the country.
Any new investment would support Venezuela’s push to revive its battered oil sector and wider economy, while handing the Trump administration a win after pressing U.S. companies to deepen their role there.
Chevron is the only major U.S. oil company with a large existing presence in Venezuela, and its operations already account for roughly a quarter of the country’s total crude production.
The negotiations still could collapse, but Chevron’s move extends a two-decade bet on staying in Venezuela after rivals including Exxon Mobil and ConocoPhillips exited over tougher operating terms.