Chevron Corp., the world’s third- largest energy company by market value, became the first major international oil producer to reveal partnership plans with state-run Petroleos Mexicanos since Mexico signed landmark legislation to reopen its doors to foreign producers.
Chevron Corp. and its partners on the Carabobo 3 block in Venezuela’s Orinoco heavy oil belt, including state oil company Petroleos de Venezuela SA, may be able to start early production in the third quarter of 2012.
Chevron Corp. was already planning to halt operations at its Frade field in Brazil even before the country’s petroleum regulator ordered it to stop drilling as it assess a spill in the area, Ali Moshiri, Chevron’s president for Latin America and African operations, said in Brasilia today.
Chevron Corp. will take into account Venezuela’s new oil-price tax when considering investment in projects in the country, El Universal reported, citing Ali Moshiri, the company’s president for Latin America and Africa.
The Brazilian prosecutor who filed a lawsuit against Chevron Corp. and Transocean Ltd. said he’s seeking a “permanent” ban on the companies’ operations in the South American nation after an oil spill last month.
Chevron Corp., the U.S. oil producer operating the $3.6 billion Frade oilfield off the coast of Brazil, was blocked from drilling in the South American country while the government probes a recent spill.
Petroleos de Venezuela SA, the country’s state-owned oil producer, signed a $2 billion financing agreement with San Ramon, California-based Chevron Corp. to increase output at their Petroboscan oil joint venture.
Aban Offshore Ltd. , India’s largest oil rig company, fell the most in almost 18 years as Venezuela started investigating the sinking of a natural-gas platform leased by a unit to state-owned Petroleos de Venezuela SA .