MEXICO CITY, April 14 – The Venezuelan government and US oil company Chevron have signed a number of agreements to develop joint projects in the oil industry, Acting Venezuelan President Delcy Rodriguez said.
“The signing of this agreement will allow us to achieve significant progress in increasing production,” Rodriguez said during a ceremony on Monday, reported Sputnik/RIA Novosti.
She added that the deal involves an asset swap, in which the gas field licence will be exchanged for the Ayacucho-8 oil block, which will be incorporated into Petropiar, a joint venture with state-owned PDVSA. This is expected to strengthen both parties’ positions in the Orinoco oil belt and increase production.
A Chevron representative, in turn, noted that the agreement opens a new stage of cooperation with Venezuela. He added that Chevron is increasing its stake in another joint project, Petroindependencia, to 49 per cent, and is also expanding its overall involvement in projects in the country.
Rodriguez also reiterated her call for the lifting of sanctions against Venezuela, stating that this is necessary to ensure legal certainty and attract investment in the energy sector.
