Page 8 - LatAmOil Week 28

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TRINIDAD AND TOBAGO LatAmOil
Daniel noted that BPTT had ordered six of the nine o shore platforms produced thus far by TOFCO.
“We have invested in eight major projects since [2005], with five platforms, one top- side and now a jacket being fabricated right here in La Brea,” he said to Newsday. “That
demonstrates BPTT’s commitment to ensuring that its business operations support the devel- opment of local skills and capabilities.”
e BP subsidiary gave a green light to the Cassia Compression project last year. Cassia C will be the 16th platform it has built o shore Trinidad and Tobago.™
VENEZUELA
US mulling extension of Chevron’s waiver from Venezuela sanctions
THE US government has con rmed that it is examining the possibility of extending Chev- ron’s exemption from sanctions that limit invest- ment in the Venezuelan oil and gas industry.
Larry Kudlow, the top economic advisor to US President Donald Trump, said last week that Washington was looking into Chevron’s request to prolong the term of its waiver. “It is under dis- cussion,” he stated, according to Bloomberg.
Kudlow also spoke positively about the company’s track record in Venezuela, saying: “Chevron has done a great job. ey have a long and illustrious tradition, as you may know, in Venezuela.”
Chevron is the only major US oil operator that has continued to work in Venezuela since late January. At that time, the Trump admin- istration imposed trade restrictions in a bid to put pressure on President Nicolas Maduro, who has been accused by opposition leaders of using fraudulent means to ensure his victory in the South American country’s last round of elec- tions. But it also granted Chevron immunity from the sanctions.
Even so, the company’s waiver only has a term of six months. It is due to expire on July 27, so Chevron will not be able to continue co-op- erating with Venezuela’s national oil company
(NOC) PdVSA unless Washington agrees to an extension.
Like other investors, Chevron saw produc- tion levels fall in Venezuela last year as a result of the economic and political turmoil gripping that country. In 2018, its share of output from Vene- zuelan projects amounted to just 42,000 barrels per day (bpd). Performance has improved since then, however.
According to Bloomberg, Petropiar, a heavy crude upgrader plant in the Orinoco Belt region that is 30% owned by Chevron, turned out 128,300 bpd of crude in June of this year. is represented an increase of more than 48% on the gure of 86,500 bpd reported for the previous month.
Beyond Petropiar, Chevron has stakes in sev- eral other Venezuelan projects. Furthermore, it has retained a presence in the country even in the wake of Maduro’s privatisation of many key oil and gas assets in 2014. If it can keep a tight grip on its portfolio in Venezuela, it may nd itself in a good position to become the premier US investor there, regardless of whether Maduro stays in power. If the US government maintains the current sanctions regime, though, it will have to obtain further exemptions in order to continue operating. ™
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w w w . N E W S B A S E . c o m Week 28 17•July•2019