Venezuelan Deputy Oil Minister Says Venezuela's PDVSA's Unit CVP And U.S. Chevron Have Requested 15-Year Extension Of Two Joint Ventures From Venezuela's Government; PDVSA-Chevron Joint Venture PetroBoscan Currently Producing 65,000 Barrels/Day Of Crude
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Venezuela's Deputy Oil Minister announced that PDVSA's unit CVP and U.S. Chevron (CVX) have sought a 15-year extension for two joint ventures from the Venezuelan government, according to Reuters.
December 13, 2023 | 3:18 pm
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Chevron Corporation, through its partnership with PDVSA's unit CVP, is looking to extend its joint ventures in Venezuela for another 15 years, indicating a commitment to long-term operations in the region.
The request for a 15-year extension of joint ventures by Chevron suggests a positive outlook on their operations in Venezuela and potential for stable future revenues. This news could be seen favorably by investors, as it indicates Chevron's commitment to maintaining and possibly expanding its presence in the region. However, the impact is contingent on the approval of the Venezuelan government, which adds a layer of uncertainty.
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