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Chevron cuts field work with Venezuela oil JVs - Reuters

Mar. 31, 2020 2:37 PM ETChevron Corporation (CVX) StockCVXBy: Carl Surran, SA News Editor
  • Chevron's (CVX +0.3%) joint ventures with Venezuela's PDVSA have canceled service contracts and procurement processes in recent weeks, Reuters reports.
  • Chevron owns stakes at four oil and gas joint ventures with PDVSA, including the Petropiar heavy oil project in the Orinoco Belt and Petroboscan in western Venezuela, with ~180K bbl/day.
  • A U.S. government license enabling Chevron to do business in the country despite sanctions expires on April 22, and the Trump administration is considering not renewing the license as it seeks to ramp up pressure on Venezuela's Pres. Maduro.

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