(now VZLA sells out ecuador) Venezuela to allow oil joint ventures with CNOOC and Chevron

[Socialistlemur]

4. ChevronTexaco is closely allied with the Chavistas

As it turns out ChevronTexaco has several joint ventures with PDVSA. The Petroboscan operation is in Zulia, it produces very heavy oil which is shipped to refineries in the USA. Chevron owns 40 % of the shares in this company. Chevron also owns shares in two producing ventures in the Faja del Orinoco. As it turns out the Chevron manager based in Caracas also seems to have inked a deal to exploit the Vaca Muerta oil fields in Argentina. The announcement of these deals is seen by the private business intelligence experts as a sign that PDVSA lacks cash and is conceding terms to allow the fields to be drilled and produced by these corporations. The Russian company Rosneft also signed something recently. But the terms are not fully disclosed, and I suspect there will be additional negotiations. The is why they are reporting it won't be fully closed until June. The devil will be in the details. Most of this information you can find reading Chevrons website and Petroleum Intelligence Weekly.