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Benzinga
  • 58 minutes ago
Chevron signed two agreements with PDVSA to expand operations in Venezuela's Orinoco Belt, including an asset swap and an increased stake in one joint venture from 35.8% to 49%. Current joint venture output stands at 260,000 barrels per day, roughly a quarter of Venezuela's total. Executives said production could rise 50% within two years under new U.S.-backed oil law reforms.
Transcript
00:00It's Benzinga bringing Wall Street to Main Street.
00:02Chevron signed two agreements with PDVSA to expand operations in Venezuela's Orinoco belt,
00:09according to Reuters. The deals include an asset swap that adds a heavy crude area to its main
00:14project while returning an offshore gas field and a small oil project. Chevron increased its
00:20stake in one joint venture to 49% from 35.8%. The agreements follow a $100 billion US dollar
00:28reconstruction plan and oil law reforms aimed at attracting foreign investment.
00:34Chevron's joint ventures currently produce 260,000 barrels per day, about a fourth of
00:39Venezuela's output. Executives said output could rise about 50% in two years. Officials said the
00:46deals aim to increase production and revenue. For all things money, visit Benzinga.com.
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