Venezuela authorizes extension of two joint ventures operated by Chevron and PDVSA

Venezuela authorizes extension of two joint ventures operated by Chevron and PDVSA

The National Assembly of Venezuela authorized on Thursday a second 15-year extension of two mixed companies operated by the state-owned PDVSA and the American company Chevron.

The extension would be for the exercise of primary hydrocarbon activities in the period 2026-2041according to a report presented on Wednesday by the vice minister of hydrocarbons, Erick Pérez, in the Energy and Petroleum commission of congress.

The first authorization with which the companies operate corresponds to the years 2006-2026according to the report.

PDVSA and Chevron expanded their operations after a special license issued in October by the Treasury Department, which allowed crude oil exports to the United States to resume.

According to the proposal of the Ministry of Petroleum, The largest of the two projects, the Petroboscán mixed company, in the state of Zulia, will require US$1,285 million in investments and US$3,350 million for operating expenses over the 15-year period, Pérez added during a conference this week.

The company plans to build 295 new wells and an average of 240 well services per year.

While the second project, Petroindependiente, will need US$10.7 million of investments and about US$205 million of expenses. The project includes the execution of 100 well services, among other activities.

Another 17 joint ventures are expected to submit extension requestssaid the president of the commission, Ángel Rodríguez. The legislator did not specify the dates of these procedures.

Leave a comment