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.

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