Page 9 - LatAmOil Week 42 2022

LatAmOil VENEZUEL A LatAmOil

The State Department spokesperson did not regain operational control of its four joint ven-
comment further, and one of Reuters’ sources tures with PdVSA. It would also be able to obtain
noted that Washington had yet to reach any more control over the ventures’ procurement
official conclusions on its response to Chevron’s and trading activities.. ™
request for relief from the sanctions.
Overall, though, the sources said, US officials
want the administration of Venezuelan Presi-
dent Nicolas Maduro to commit to coming back
to Mexico for at least one additional round of
discussions with the opposition before it gives
Chevron a green light to expand its footprint
in Venezuela. The US giant is looking for a way
to implement the technical service agreement
it signed with the South American country’s
national oil company (NOC) PdVSA during
the summer without violating sanctions laws,
which are designed to restrict and discourage
investment in Venezuela’s oil and gas industry.
If Chevron secures the necessary waivers
– or if sanctions are loosened to the necessary
degree – it would be able to use the technical Members of Venezuela’s Unitary Platform, shown during a visit
service agreement as the basis for working to to Washington in December 2021 (Photo: Twitter/@UnderSecStateP)

GUYANA
Guyana’s government will withdraw third

tranche of oil revenues to support budget

THE Bank of Guyana (BoG) noted on October Resource Fund (NRF) to support budget spend-
17 that the government was slated to make its ing this year. The government has already taken
third withdrawal of funds from the country’s out nearly 66% of this sum in two tranches of
sovereign wealth fund in the fourth quarter of GYD41.7bn ($200.64mn) each, with the first
2022. tranche withdrawn in the second quarter and
In a statement, the bank explained that the second tranche in the third quarter. It will
Georgetown had already secured approval now withdraw the third and final tranche of the
from the National Assembly to withdraw a total year, in a payment of GYD43.294 ($208.3mn),
of GYD126.69bn ($609.58mn) from the Natural during the fourth quarter.

All of the funds deposited in the NRF derive from Liza-1 and Liza-2 oil exports (Image: Hess)

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