Chevron and Shell Near Landmark Oil Production Deals in Venezuela Since Maduro's U.S. Capture
International oil majors Chevron (CVX.N) and Shell (SHEL.L) are close to finalizing the first major oil production agreements with Venezuela since the January capture of President Nicolas Maduro by the United States, five sources close to the negotiations told Reuters. Reuters The agreements would allow both companies to increase production in [...]
TL;DR
- Chevron and Shell are close to finalizing major oil production agreements with Venezuela.
- These deals are the first since the U.S. captured President Nicolas Maduro in January.
- The agreements would allow both companies to boost oil production in Venezuela.
- A recent reform grants foreign companies autonomy to operate, export, and sell Venezuelan oil.
- Chevron has reached preliminary terms to expand its Petropiar project in the Orinoco Belt.
- This expansion could make Chevron the largest private producer in the Orinoco region.
- Chevron aims for reduced royalty rates and other fiscal incentives under the new legislation.