Venezuela, Chevron formally sign oil contracts in Caracas

Venezuela’s oil minister and top representatives of state-run
company PDVSA on Friday signed contracts with U.S. oil firm Chevron
Corp (CVX.N) intended to help revive the nation’s oil output and
expand operations, Trend reports citing Reuters.

The United States last week granted Chevron a six-month license
authorizing it to take a broader role in existing projects in
U.S.-sanctioned Venezuela, a move to encourage political talks
between the government of President Nicolas Maduro and the
country’s opposition towards elections.

The contracts include the PDVSA-Chevron joint ventures
Petroboscan and Petropiar, officials said. The agreements are
expected to help restore lost production, recoup debt owed to
Chevron and generate more jobs. The projects currently are
producing about 100,000 barrels per day of crude (bpd), leaving
room for a rapid increase.