'Shared benefit' - Rodriguez praises Chevron and PDVSA for sealing key deal to boost oil production in Venezuela

"US company Chevron and Venezuela's state-owned Petroleos de Venezuela (PDVSA) signed a new agreement this Monday aimed at increasing oil production in the South American country as part of Venezuela’s opening to foreign investment. In the presence of acting president Delcy Rodriguez and US Deputy Secretary for Hydrocarbons and Geothermal Energy Kyle Haustveit at Miraflores Palace, both delegations agreed to exchange assets between an offshore gas exploitation licence located near Trinidad and Tobago and a heavy oil project in the Orinoco Belt in southern Venezuela. During her remarks, Rodriguez thanked Chevron for being an example of a company committed to Venezuela, arguing that it did not abandon the country during difficult times, and stressed that the agreement would benefit the Venezuelan people. "This agreement will allow us to make significant progress in terms of production and ensure it is a shared benefit for the people of the United States and Venezuela," said the acting president. Rodriguez also reiterated her call for the lifting of US sanctions on Venezuela, stating that such a move would provide greater legal certainty for investors. "We must move towards a Venezuela without sanctions. It must be understood that this is not a temporary or short-term investment, but that we are investing in the future," she added. For his part, President of Base Assets and Emerging Countries (BAEC) at Chevron Javier de la Rosa welcomed Caracas’ new hydrocarbons law, which allows for increased foreign investment, greater flexibility for companies such as Chevron, and improved conditions for operating Venezuelan oil fields, saying it would lead to mutually beneficial gains. "We are confident that this new law will be fundamental in accelerating the development of the assets we have and oil production in Venezuela," said Javier de la Rosa. Chevron has been operating in Venezuela for more than a century, since 1923, making it one of the foreign companies with the longest track record in the country’s oil sector."

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