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Venezuela Inks Chevron-Style Deal with M&P

OIL
  • As part of the deal, M&P will boost its production in Venezuela to 50k b/d in Zulia state.
  • This is the first contract of its kind between Venezuela’s PDVSA and a European company, mirroring the agreement it has with Chevron. ENI and Repsol are still negotiating similar deals.
  • The project is expected to boost production in Lake Maracaibo and sets conditions for PDVSA to repay its outstanding debts with M&P.
  • A six-month temporary easing of sanctions on Venezuela has made such a deal possible, although the country’s production continues to be impeded by poor infrastructure.
  • Sanctions relief also rely on President Maduro holding free elections next year. The refusal to allow free primaries for the opposition has already put this in some degree of jeopardy.
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