Venezuela signs agreement expanding Chevron's operations for oil production
The Venezuelan government signed an agreement this Monday expanding the operations of the U.S. company Chevron to increase oil production in the country, weeks after the approval of the hydrocarbons reform that opened the sector to private and foreign investment. This agreement, signed at an event at the Miraflores presidential palace in Caracas, increased Chevron's stake to 49% in the mixed company Petroindependencia and also granted it rights for primary activities in the Ayacucho 8 block, as part of the mixed company Petropiar, according to Javier La Rosa, Chevron's representative, who explained at the event.
TL;DR
- Venezuela and Chevron signed an agreement to expand oil production operations.
- The deal was signed weeks after Venezuela approved reforms allowing private and foreign investment in the oil sector.
- Chevron's participation in the mixed company Petroindependencia increased to 49%.
- Chevron also received rights for primary activities in the Ayacucho 8 block through the mixed company Petropiar.