On August 28, The Wall Street Journal reported that Chevron (CVX.US) and other American energy companies are close to reaching an agreement to invest billions of dollars in Venezuelan oil fields. This would provide President Trump with a potential achievement after months of slow negotiations. Sources revealed that Chevron is nearing an agreement to expand its long-standing operations in the Latin American country and may include two additional heavy oil fields in Venezuela into its portfolio. Currently, Chevron has three joint ventures with Venezuela's state oil company, PdVSA, and is the only large U.S. company operating in Venezuela. Sources also indicated that Halliburton (HAL.N), one of the largest oilfield services companies in the U.S., is in negotiations to introduce its full suite of equipment into 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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