Mar. 11 at 4:51 AM
Big moves in Venezuela's oil scene 🚨
Chevron and Shell are closing in on their first major deals since Maduro's capture. This could reshape the landscape:
Chevron is near finalizing expanded production rights at Petropiar, Venezuela's largest oil project.
A deal would unlock new reserves at Ayacucho 8, boosting output of heavy crude and increasing exports.
Chevron aims for better royalty rates and incentives under Venezuela's new laws, making it more lucrative to operate.
Last month, Chevron and PDVSA produced around 110K bbl/day from Petropiar, a sign of potential growth.
If successful, Chevron could become Venezuela's top private producer, controlling over 75% of its crude reserves.
Meanwhile, Shell is eyeing fields in Monagas North, aiming to develop light and medium crude, a strategic move in Venezuela's energy revival.
These deals could mark the start of a new chapter for Venezuela's oil industry, and for investors paying attention.
Are you watching these developments?
$CVX $SHEL #oil
