Post #2303

📰 NEWS | Chevron and Shell to Strike Oil Deals Under Reformed Hydrocarbon Law Chevron and Shell are moving to secure new oil deals in Venezuela after the country reformed its Hydrocarbon Law to provide improved conditions for private energy corporations. According to Reuters, Chevron will expand operations in the Orinoco Oil Belt through the Petropiar joint venture, entering the Ayacucho 8 bloc to increase extra-heavy crude output. Petropiar currently produces around 90,000 barrels per day. Shell is expected to take over operations in PDVSA’s Punta de Mata division in Monagas state under a model allowing the state oil company to lease projects to private operators in exchange for a share of production. The legislative reform, approved in January, allows the Venezuelan executive to reduce royalties and income taxes and grants minority partners greater control over operations and sales. Read our full report here 👉🏾https://shorturl.at/23wlT #Chevron#PDVSA#Sanctions#Shell