Chevron (NYSE:CVX) wants more control over the oil it produces in Venezuela if the U.S. eases sanctions on the country, Bloomberg reported on Wednesday.
By Seeking Alpha – Carl Surran
Jul 6, 2022
Javier La Rosa, president of Chevron’s (CVX) operations in Venezuela, and Oil Minister Tareck El Aissami have been meeting since late May to negotiate a new contract, which would mark a shift as the company would take the lead in all facets of its operations in joint ventures with state energy company PDVSA, according to the report.
Under the proposed arrangement, the company reportedly would negotiate with suppliers and importers and handle financing, sending the final payment to PDVSA through the central bank.
If Chevron (CVX) reaches a deal with Venezuela and the U.S. lifts sanctions, the company believes it could raise the amount it pumps to ~200K bbl/day in six months from 150K currently.
In May, the Biden administration said it would allow Chevron (CVX) to negotiate its license with PDVSA and would consider easing some sanctions on Venezuela.
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Read More: Seeking Alpha – Chevron seeks more control over Venezuela joint oil ventures – Bloomberg
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