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PDVSA and Chevron Joint Venture Extensions Granted in Venezuela

OIL

Venezuela’s national assembly approved a 15-year extension for a pair of joint ventures between state owned PDVSA and Chevron.

  • The extensions run 2026 through 2041.
  • Chevron has expanded operations with PDVSA since late last year due to a special license granted by Washington, further enhanced by the recent sanctions easing.
  • The joint ventures involve Petrboscan and Petroindependiente projects.
  • Fears surrounding sanctions easing being reversed by the US leaves many international oil companies reluctant to invest the significant sums required for the Venezuelan oil industry to boost production at present.
Energy BulletsCommodities
Energy BulletsCommodities

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