Venezuelan state oil company PDVSA is turning to local partners as it seeks to plug the gap left by Western companies in the OPEC nation's oil sector, according to interviews with a half dozen industry sources, as U.S. companies win a reprieve to maintain a limited presence in the South American country.
In the more than two years since, crude output has tumbled by nearly two-thirds to less than 500,000 barrels per day . U.S. and European firms have scaled down their presence to comply with the restrictions or out of fear of possible punishment.
Neither PDVSA nor Venezuela's oil ministry responded to requests for comment. The U.S. Treasury Department, which enforces sanctions, declined to comment. A State Department spokesperson said the administration "continues to assess its approach to the Venezuela sanctions program." In the year since that decision, output at Chevron's main projects has plummeted. The Petroboscan joint venture in western Venezuela, 40% owned by Chevron, has been largely offline for the past year. Petropiar, an Orinoco belt project 30% owned by Chevron, was producing 50,000 bpd as of mid-May, down from 80,000 bpd last August, according to PDVSA documents seen by Reuters.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Chinese e-commerce titans embark on a spending spreeCompetition is spurring big internet companies to reinvest their plush profits | Business
Read more »
The 27 Best Beauty Products Fashionista Editors Discovered in MayIncluding cream and oil (yes, oil!) blushes, potent brightening serums and sunscreens we can't wait to wear every single day this summer.
Read more »
9 Patio Umbrellas That Throw The Good Kind Of ShadeThe best patio umbrellas are stylish, easy to adjust and built to last. Here are our top picks: ForbesFinds
Read more »
My Girlfriend Just Revealed Her Real Sexual Agenda With Me. I’m Speechless.Dear How to Do It: My girlfriend’s fetish is world-historically over the line.
Read more »
European equities open June with rise as value stocks continue to thriveEuropean stocks rose on the first day of June, with mining, oil and bank shares advancing.
Read more »
Russia plans to build up troops near western border to combat increasing threat from NATO'Our Western colleagues' actions are ruining the world security system and forcing us to take appropriate measures in response,' Russian Defense Minister Sergey Shoigu said.
Read more »