Chevron aims to boost Venezuela oil output to accelerate debt recovery
10 May 2023, 6:37 pm 1 minute
Reuters exclusively reported that Chevron Corp’s (CVX.N) renewed oil operations in Venezuela will enter a new phase next month, boosting production with the goal of accelerating recovery of the $3 billion debt owed by the end of 2025.
Chevron’s license broke a four-year U.S. prohibition on Venezuelan oil exports to the United States designed to oust President Nicolas Maduro. Even though the license bans any cash payments to Maduro‘s administration, it has helped Venezuela stabilize its currency by injecting U.S. dollars into its economy and benefited U.S. Gulf Coast refiners receiving the oil.
Topics of Interest: Energy
Type: Reuters Best
Sectors: Commodities & Energy
Countries: United StatesVenezuela
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Important Regional Story