Venezuelan government and US company sign contracts to boost oil production

Venezuela’s People’s Power Minister of Oil, Tareck El Aissami, said the contracts with the US firm Chevron “are aimed at continuing oil activity in the country”. “Venezuela is still standing and open to international investment in this sector,” he said.

The Venezuelan public oil company PDVSA signed this Friday a series of contracts with the American company Chevron, after the recent resumption of the social protection agreement between the government and the opposition in Mexico.

The Venezuelan Minister of People’s Power in charge of Petroleum, Tareck El Aissami, said that these contracts “are intended to continue oil activity in the country”. “Venezuela is still standing and open to international investment in this sector” noted.

Similarly, the head of the Oil portfolio demanded the lifting of sanctions against PDVSA, as they caused “Serious damage both to the national economy, but it also affected our strategic partners.”

The signing of new contracts took place at the headquarters of the oil company in the capital, Caracas, in the presence of El Aissami and the president of PDVSA, Asdrubal Chávez. For his part, the president of Chevron in the country, Javier La Rosa, attended on the American side, according to the aforementioned portal.

The resumption of Chevron’s activity in Venezuela comes after the pact signed in Mexico between the government and the opposition to collaborate in the social development of the country in exchange for unfreezing assets blocked by US sanctions.

Chevron received a six-month license allowing the company to produce crude oil and petroleum derivatives in its projects in Venezuela. Although this concession does not authorize any new drilling, the company will be able to repair and carry out maintenance tasks in the oil fields.

In 2020, before the United States ordered a complete shutdown of drilling operations, Chevron’s stake in Venezuelan crude production was 15,000 barrels per day less than the production of a single deposit in the Permian, the American oil basin.

Source: Latercera

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