The Venezuelan Parliament Extended The Work of Two Joint Ventures PDVSA And Chevron
Another 17 joint ventures with the Venezuelan state oil company are in line to extend their work.
Deputies of the Venezuelan National Assembly voted to extend the life of two joint ventures (JVs) between the national oil company PDVSA and the American Chevron. The agreement will be extended for 15 years, Reuters reports.
Last year, the joint venture received a special license from the United States to export crude oil to American consumers. In fact, the United States, contrary to its own sanctions, regularly extends permission for Chevron to operate in Venezuela: heavy oil is needed as a raw material at oil refineries on the Gulf Coast.
At the same time, Venezuelan Deputy Oil Minister Eric Perez said that enterprises require significant investments to reach production levels before the imposition of sanctions in 2019. The largest of the two joint ventures, Petroboscan, requires $1.28 billion in investment, and the second, Petroindependiente, requires $10.7 million.
The Petroboscan enterprise produces 65 thousand b/d of heavy oil.
Against the backdrop of this extension, 17 more Venezuelan joint ventures asked for an extension of their work dates. Whether among them there are enterprises operating jointly with Russian companies is not specified.
