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Chevron is participating in four JVs with PdVSA (Image: Chevron)
“We have discussed and agreed with [the US willingness to discuss elections with political
company] everything related to the immediate opposition groups.
restitution of operations,” he remarked. US sanctions on the oil sector were imposed
Chevron began talks with PdVSA and in early 2019 in response to reports that Ven-
the Venezuelan government on the possi- ezuelan President Nicolas Maduro had used
ble resumption of its operations in the South fraudulent means to secure his re-election in a
American country this spring, after the US race against Juan Guaido, the leader of Venezue-
government authorised it to do so. Those talks la’s political opposition.
have borne fruit; the company is eager to restart As of press time, no word was available on
work after not being able to do much more than Washington’s response for Chevron’s request to
maintain a token presence for the last few years, expand the scope of its operations in Venezuela.
and Caracas is eager to attract new investment Two of Reuters’ sources noted last week that the
to the oil sector. US Treasury Department’s Office of Foreign
However, Washington has yet to give Chev- Assets Control (OFAC) had asked Chevron to
ron a green light – and has made sanctions relief clarify and enumerate the details of the agree-
conditional upon the Venezuelan government’s ments it had reached thus far with PdVSA. ™

GUYANA
Head of Guyana’s central bank sees total

crude oil revenues topping $1bn this year

GOBIND Ganga, the governor of the Bank of The bank governor hailed these projec-
Guyana, said on September 5 that the country tions, saying they showed that oil was certain
was on track to collect more than $1bn in oil to become Guyana’s highest-earning industry.
export revenue this year. “This is historically the largest amount of reve-
Speaking to the Associated Press, Ganga nue we will earn from any single sector this year,”
stated that current forecasts put Guyana’s share he told the Associated Press. “This is very obvi-
of crude oil output from Liza-1 and Liza-2, the ous with the price of oil today.”
two producing sections of the offshore Stabroek He was speaking shortly after Guyana’s
block, at 13mn barrels. These volumes are Finance Ministry predicted that the country’s
expected to generate revenues of $1.1bn, he said. total earnings from oil exports, including roy-
This assumes an average crude oil price of alties and interest as well as revenues, might
nearly $85 per barrel. As of September 7, Brent amount to $1.25bn in 2022. The ministry had
crude was commanding a price of about $88 per said in January that the figure might reach
barrel. $958mn.

P8 www. NEWSBASE .com Week 36 08•September•2022