.jpg)
1 hour ago
3
Article content
(Bloomberg) — Chevron Corp. is set to expand its oil footprint in Venezuela, benefitting from its almost 20-year bet to remain in the country amid political and economic turmoil.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
The government in Caracas will award the US oil major two additional oil fields in Western Venezuela as soon as Monday, according to people familiar with the matter, who asked not to be identified ahead of an official announcement.
Article content
Article content
Venezuela’s plan to grant more acreage to Chevron, which Bloomberg first reported in February, comes amid a push to open up the nation’s energy industry to foreign investment and revive production. Since US forces captured Venezuela’s former President Nicolás Maduro on Jan. 3, the Trump administration has lifted restrictions on outside investment and on the purchase of Venezuelan crude.
Article content
Article content
The US-backed effort to restore Venezuela’s oil sector to its former position as one of the world’s leading crude exporters has received additional impetus in recent weeks from the Iran war and the resulting squeeze on Middle East crude supply and global energy prices.
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
Chevron didn’t immediately respond to a request for comment.
Article content
The imminent award of acreage to Chevron was reported earlier by Reuters, which said the company had agreed to return an offshore gas field to Venezuela as part of the deal. Reuters also reported that Shell Plc is on the cusp of signing an agreement to operate the Loran offshore gas field straddling the border between Trinidad and Tobago and Venezuela.
Article content
Chevron’s involvement in Venezuela dates back more than a century. While some other foreign oil companies such as Shell and Repsol SA have kept a toehold in the country, US rivals Exxon Mobil Corp. and ConocoPhillips were pushed out after their assets were expropriated. Since sanctions were imposed on the country eight years ago, Chevron has received US Treasury waivers, allowing it to keep drilling.
Article content
Chevron holds four ventures in Venezuela: two in the Orinoco Belt and two in Zulia, the cradle of the country’s oil industry. Combined, they account for almost 25% of the country’s overall production of almost 1 million barrels a day.
Article content
English (US)