Chevron Agrees to Migrate to PDVSA-Controlled JVs
US oil major Chevron has agreed to migrate its operating agreements for the Boscan and LL652 oilfields in Venezuela to joint ventures controlled by state oil firm PDVSA, Chevron and PDVSA officials told BNamericas, confirming press reports.
Chevron will sign preliminary agreements accepting the new terms on Monday followed by a press conference to officially announce the decision at PDVSA's headquarters in Caracas, the officials said.
With Chevron, a total of 16 companies with 28 operating agreements will have signed preliminary agreements to migrate to the new JVs leaving four companies in four operating agreements still holding out ahead of the December 31 deadline to accept the new terms or have their oilfields seized by PDVSA.
However, getting Chevron to migrate is a big coup. Chevron's Boscán field in western Venezuela's Zulia state produces about 115,000 barrels a day of medium to light crude and LL652 produces about 20,000b/d out of the 460,000b/d PDVSA says private operators are producing in total.
About Business News Americas: Business News Americas is a multilingual news and business information service that covers the most important original stories in 11 different business sectors throughout Latin America everyday. Visit BNamericas to access our real-time news reports, 7-year archive, Fact File company database, and latest research reports.
Click here for a Free two week trial to our Latin America Oil & Gas information service.
- Canada's Keyera Signs Pact With Chevron To Transport, Store NGL (Oct 10)
- Chevron Starts LNG Output at Australia's Wheatstone (Oct 09)
- Petrofac Extends North Sea Contract with Chevron (Oct 05)
Company: PDVSA more info
Operates 15 Offshore Rigs
Manages 26 Offshore Rigs
- Venezuela Confirms Discussing Citgo Collateral Swap With Rosneft (Oct 04)
- Venezuelans Face Growing Queues To Buy Gasoline (Sep 21)
- Venezuela's Crude Supply To The United States Was Flat In August (Sep 13)