Chevron and Shell close oil deals in Venezuela - Venezuela's National Assembly approved oil law reform.
International oil majors Chevron and Shell are closing their first major oil production deals with Venezuela since the U.S. took over from President Maduro. The deals would see the two companies increase production in coveted oil fields, the biggest steps yet in what U.S. President Trump called a “$100 billion effort to rebuild Venezuela’s oil industry after decades of mismanagement.”
Venezuela’s National Assembly approved a sweeping reform of the country’s main oil law in late January. It now gives foreign companies the autonomy to operate, export and sell Venezuelan oil even when they are minority partners in the state-owned oil company.
Chevron and Venezuela’s energy authorities have agreed on preliminary terms to expand the country’s largest oil project in the vast Orinoco Belt, the sources said. The deal gives Chevron the rights to produce from areas with proven oil resources. That will allow Chevron to significantly increase the extra-heavy oil it produces and exports.
The project could make Chevron the largest private producer in the Orinoco, which holds more than three-quarters of the country’s total crude oil reserves.
Shell also signed preliminary oil and gas agreements with Venezuela last week when U.S. Interior Secretary Doug Burgum was in Caracas. The Venezuelan government did not disclose the details of these agreements and the fields involved.
Chevron and the Venezuelan government are also negotiating for the US giant to return to Venezuela two untapped offshore natural gas blocks in the Plataforma Deltana project on the maritime border with Trinidad and Tobago, which could be re-offered for private investment.
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