Venezuela To Sign New Oil Production Contracts With Chevron In Coming Hours - Minister

MEXICO CITY (Pakistan Point News / Sputnik - 30th November, 2022) The Venezuelan government will sign new agreements on joint business and oil production with the American oil corporation Chevron in the coming hours, Venezuelan Oil Minister Tareck El Aissami said on Tuesday.

Earlier in the day, El Aissami held negotiations with the president of Chevron's operations in Venezuela, Javier La Rosa.

"I had a successful working meeting with La Rosa; this oil company will celebrate 100 years of operation in Venezuela in 2023. In the next few hours, we will sign contracts to promote the development of joint ventures and oil production, as always - under the terms set out in the Constitution and other Venezuelan laws," the oil minister said on Twitter.

The United States relaxed oil sanctions against Venezuela last week after the Venezuelan government, led by President Nicolas Maduro, and the opposition resumed talks in Mexico City and came to an agreement on addressing the humanitarian crisis in the country. Chevron became the first American oil company to receive authorization from the US government to extract oil in Venezuela.

The US imposed a series of sanctions against Venezuela in 2019 and blocked $7 billion worth of assets of Venezuelan state-run oil and gas company PDVSA in US jurisdiction. In 2020, Venezuela filed a complaint with the Hague Tribunal against the US restrictions on the country.

In late June, a US government delegation arrived in Caracas to continue talks that began on March 5 after the break in diplomatic relations in 2019.