Chevron Seeks to Bolster Venezuelan Operations Amid US Investment Talks
Chevron is on the verge of expanding its operations in Venezuela, with plans to incorporate two new heavy-oil fields into its existing joint ventures with state-owned PDVSA. The energy company's shares rose 1.05% following reports of the anticipated deal.
The formal announcement is scheduled for Wednesday in Caracas, where Energy Secretary Chris Wright will attend the signing ceremony. The arrangement would transition Chevron's current joint ventures into Venezuela's updated energy policy structure, granting the American corporation enhanced operational oversight.
Halliburton, a leading oilfield services provider, is engaged in discussions to supply its technology and expertise to Venezuelan petroleum producers. This comes amid reports that the US is negotiating a deal to take a large stake in Venezuelan oil fields, following President Trump's encouragement of American energy corporations to pursue Venezuelan investments.