Chevron Puts $2B Into Venezuelan Oil Field Joint Venture

Law360, New York (July 19, 2012, 6:56 PM EDT) -- State-owned Venezuelan oil giant Petroleos de Venezuela SA said Wednesday that Chevron Corp. plans to invest $2 billion to up production at a Venezuelan oil field as part of a Chevron joint venture with PDVSA.

Chevron will invest the money in its Empresa Mixta Petroboscan joint venture with PDVSA at the London Interbank Offered Rate plus 4.5 percent, without additional costs, with repayment to be made in full by 2025, PDVSA said. The investment will be used to pay off unspecified outstanding debts, carry out maintenance...
To view the full article, register now.