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.
Chevron Corp., the second-biggest U.S. oil company, said it’s preparing an investment that will help make the country energy independent by developing what could be the world’s second-largest shale oil reservoir.
YPF SA, Argentina’s biggest energy company, rose the most in almost five months after it said Chevron Corp., the second-biggest U.S. oil company, will be the first major crude producer to partner with it to develop shale oil and natural gas.
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. 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. signed a deal with YPF SA, Argentina’s largest energy company, which paves the way for it to become the first major oil company to partner with the Buenos Aires-based producer since its nationalization in April.
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.