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Venezuela Approves PDVSA-Chevron Venture Through 2050

OIL

Venezuela’s National Assembly approved extending the contract for the Petroindependencia joint venture between state-owned PDVSA and Chevron until 2050, according to Bloomberg.

  • The duration of original contract signed in 2010 is 25 years, with the extension approved for a further 15 years.
  • Venezuela's crude output is approaching 1 million bpd, said oil minister Pedro Tellechea last week.
  • Chevron has a special license granted by Washington in 2022 allowing it to import Venezuelan crude into the US, while the country is under sanctions.

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