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Chevron Unlikely to Invest in Venezuela Short Term

OIL

Chevron is unlikely to add investment in Venezuela in the next six months despite a new US license allowing it to expand its operations according to Chief Executive Michael Wirth.

  • "We're not likely to be coming in with investment in a drilling campaign that grows production in the next six months," said Wirth. "There's a lot of work that has to be done... to allow us to move in that direction."
  • "The primary effect is it allows some of that Venezuelan oil to flow back to the U.S., which will help the U.S. refining system," said Wirth.
  • Washington could gradually relax sanctions on Venezuela and provide greater latitude for Chevron to operate in Venezuela over time, Wirth said.
  • Venezuela is not able to generate revenue from sending oil to the US via Chevron but can start to chip into $3bn of debt it owes the company.
Energy BulletsCommodities
Energy BulletsCommodities

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