Español

 

Guyana


Trinidad
& Tobago




Very usefull links



PW
Bookstore





News links

AP

AFP

Aljazeera

Dow Jones

Oil price

Reuters

Bloomberg

Views and News
from
Norway

 

 

 

Chevron's sanctions waiver in Venezuela hanging on a string

Diego Giudice/Bloomberg
Trump Ready to End Chevron's Sanctions Waiver in Venezuela

- Chevron's fourth waiver for Venezuelan work expires April 22
- U.S. escalates pressure on Maduro regime through oil industry

By Saleha Mohsin, Jennifer A Dlouhy, Ben Bartenstein, and Kevin Crowley/Bloomberg

HOUSTON/WASHINGTON/NEW YORK
Petroleumworld 02 28 2020

The Trump administration is ready to unleash the full impact of sanctions on Chevron Corp. 's operations in Venezuela as the U.S. seeks to further squeeze the Maduro regime.

While no decision has been made, it's increasingly unlikely that the U.S. will again extend to Chevron a waiver to access Venezuela's crude reserves, people familiar with the matter said.

The Treasury Department last month granted Chevron its fourth waiver since sanctions were announced in late 2018. When that expires on April 22, it probably won't be renewed, the people said, speaking on the condition of anonymity because they weren't authorized to discuss the matter publicly.

Such a decision would mark the unraveling of Chevron's near-century of operations in the home of the world's largest oil reserves. Venezuela has figured prominently in company lore ever since Chevron's discovery of the giant Boscan field in the 1940s. Even after rivals like Exxon Mobil Corp. abandoned the country during the reign of the late Hugo Chavez, Chevron held on.

The Trump administration recently ramped up efforts to oust President Nicolas Maduro and rally international support behind opposition leader Juan Guaido. Earlier this month, Washington sanctioned a unit of Russia's largest oil producer, Rosneft PJSC, for maintaining ties with Maduro and state-run oil company PDVSA.

A spokeswoman for the Treasury Department, which oversees sanctions implementation, did not immediately reply to a request for comment.

Chevron is hopeful the waiver “will be renewed so that we can continue operations in the country for the long-term,” Ray Fohr, a company spokesman, said in an email. “If Chevron is forced to leave Venezuela, non-U.S. companies will fill the void and oil production will continue.”

Chevron's Venezuelan oil production plunged to just 35,000 barrels a day last year, a 20% drop from 2018, and only about 1% of the company's global crude output.

Proponents of Chevron's position argued that withdrawing would open the way for Russian and Chinese companies to expand their footprints and control more crude, and make any post-Maduro rebuild of the economy more difficult.



By Saleha Mohsin, Jennifer A Dlouhy, Ben Bartenstein, and Kevin Crowley from Bloomberg

bloomberg.com 02 27
2020

________________________


We invite you to join us as a sponsor.
Circulated Videos, Articles, Opinions and Reports which carry your name and brand are used to target Entrepreneurs through our site, promoting your organization’s services. The opportunity is to insert in our stories pages short attention-grabbing videos, or to publish your own feature stories.________________________

Copyright© 1999-2020 Petroleumworld or respective author or news agency. All rights reserved.

We welcome the use of Petroleumworld™ (PW) stories by anyone provided it mentions Petroleumworld.com as the source.

Other stories you have to get authorization by its authors. Internet web links to http://www.petroleumworld.com are appreciated.

Petroleumworld welcomes your feedback and comments, share your thoughts on this article, your feedback is important to us!

We invite all our readers to share with us
their views and comments about this article.
Write to editor@petroleumworld.com

By using this link, you agree to allow PW
to publish your comments on our letters page.

Any question or suggestions,
please write to: editor@petroleumworld.com

Best Viewed with IE 5.01+ Windows NT 4.0, '95,
'98,ME,XP, Vista, Windows 7,8, 10 +/ 800x600 pixels

Twitter: @petroleumworld1


 

TOP

Contact: editor@petroleumworld.com,

Editor & Publisher: Elio Ohep/
Contact Email: editor@petroleumworld.com

CopyRight © 1999-2020, Paul Ohep F. - All Rights Reserved. Legal Information

PW in Top 100 Energy Sites

CopyRight©1999-2020, Petroleumworld ™  / Elio Ohep - All rights reserved

This site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission fromPetroleumworld or the copyright owner of the material.