Venezuelan state-owned oil company PDVSA has signed this Friday a series of contracts with U.S.-based Chevron following the recently resumed social protection agreement between the government and the Venezuelan opposition in Mexico.
Venezuelan Minister of People’s Power for Petroleum, Tareck El Aissami, has stated that these contracts «are aimed at continuing with the oil activity in the country». «Venezuela remains standing and open to international investment in this sector», he said, as reported by the portal Últimas Noticias.
Likewise, the head of the Petroleum portfolio has demanded that the sanctions against PDVSA be lifted, since these have caused «serious damage both to the national economy and to our strategic partners».
The signing of new contracts took place at the oil company’s headquarters in the capital, Caracas, and was attended by both El Aissami and PDVSA’s president, Asdrubal Chávez. On the US side, Chevron’s president in the country, Javier La Rosa, was present, according to the above mentioned portal.
The resumption of Chevron’s activity in Venezuela takes place after the pact subscribed in Mexico between the Government and the opposition to collaborate in the social development of the country in exchange for the unfreezing of assets blocked by the US sanctions.
Chevron received a six-month license authorizing the company to produce crude oil and oil derivatives in its projects in Venezuela. Although this concession does not authorize any new drilling, the company will be able to repair and maintain the oil fields.
In 2020, before the United States ordered the complete cessation of drilling operations, Chevron’s share of Venezuelan crude oil production was 15,000 barrels per day, less than the production of a single oil field in the Permian.
