Caracas, April 14 (SANA) Venezuela and U.S. oil giant Chevron have signed two agreements aimed at increasing oil production, as Caracas moves to boost private investment in the sector.
According to Agence France-Presse, citing the U.S. Geological Survey, the agreements, signed in the presence of acting President Delcy Rodríguez and Chevron Venezuela President Mariano Vela, will see the company increase its stake in a joint venture with state oil firm PDVSA in the Orinoco Belt, one of the world’s largest oil reserves.
In return, Chevron will relinquish part of its offshore gas rights and scale back its participation in other projects.
The deals come as Venezuela accelerates efforts to open its oil industry to foreign investment following recent political and economic changes.
Since January, authorities have introduced reforms to reduce state control over the sector, while the United States has eased some sanctions, allowing greater participation by international companies.
F.J./ABD
