The American oil company Chevron is finalizing an agreement that will significantly expand its operations in Venezuela, with the incorporation of two gigantic oil fields in the Orinoco Belt. The negotiation is part of an initiative by the President of the United States, Donald Trump, to increase oil production in the South American country.
On Friday, Trump announced an "agreement" with Venezuela that will give the US control over the country's oil reserves. According to the proposal, the United States will purchase Venezuelan oil at cost and will have veto power in a company with 100 years of concession. The Pentagon will also participate in the Venezuelan oil market with the help of a magnate accused of fraud.
Chevron negotiated the operating rights of the fields in the Carabobo region, which hold billions of barrels of heavy oil reserves. People familiar with the matter confirmed the negotiations.
The fields are located near a huge area already operated by PetroIndependencia, a joint venture between Chevron and the Venezuelan state oil company PDVSA. With the new agreement, the presence of the Texas company in the country is expected to expand considerably.
