On August 28, The Wall Street Journal reported that Chevron (CVX.US) and other U.S. energy companies are close to finalizing an agreement to invest billions of dollars in Venezuelan oil fields. This development could yield results for President Trump after months of slow negotiations. Sources indicate that Chevron is nearing a deal to expand its long-standing operations in the Latin American country and may include two additional heavy oil fields in Venezuela in its portfolio. Currently, Chevron has three joint ventures with Venezuela's state-owned oil company, PdVSA, and is the only major U.S. company operating in Venezuela. Additionally, one of the largest oilfield service companies in the U.S., Halliburton (HAL.N), is also in negotiations to introduce its full suite of equipment to Venezuela to provide services to local oil producers.
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Chevron and Other U.S. Companies Seek to Invest Billions in Venezuelan Oil Fields
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