Chevron signs “contracts for the continuation” of operations in Venezuela

the oil giant Chevron signed this Friday “contracts for the continuation of operations and production activities” in Venezuela, after receiving a license from the United States to partially resume its activities in this country under embargo, the Venezuelan government reported.

“We have signed important contracts for the continuation of the operations and production activities of this American company, Chevron, which next April 2023 will celebrate its 100 years of productive presence in Venezuela“, expressed the Venezuelan Minister of Petroleum, Tareck El Aissami, after the signing in an official act.

“We celebrate the signing of these contracts (…) and it is now up to us to honor them with work,” the minister continued.

Chevron received last Saturday an authorization from the United States government to resume its activities in the joint ventures it has with Petroleos de Venezuela (PDVSA)paralyzed in 2020 in the framework of an embargo imposed to pressure the fall of the government of Nicolás Maduro a year earlier.

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The license, valid for six months, was announced after the government and opposition signed in Mexico an agreement to manage the release of 3,000 million dollars from Venezuela blocked abroad by sanctions, to allocate them to social projects.

The energy giant has four joint ventures with PDVSA ─Petroboscán, Petropiar, Petroindependencia and Petroindependiente─, which together produce some 50,000 barrels of crude a day, according to expert estimates.

“They are going to find productive companiescompanies that have known how to resist the onslaught of these illegal sanctions in violation of international law,” said the minister. “These companies have achieved the miracle together with the oil working class of maintaining their productive capacities and continuing to advance in the planned development plans for each of them.”

The license specifies that the Venezuelan state company does not receive income directly from the sales of the US company.

Venezuela’s production, which two decades ago was 3.2 million bd (mbd), remains stagnant at around 700,000 bd this year, according to the OPEC.

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