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Oil production will be carried out through four joint ventures: Petropiar, Petroboscan, Petroindependencia, and Petroindependiente.
On Tuesday, Venezuela's Petroleum Minister Tarek El Aissami announced that the US company Chevron will once again operate in Venezuela, after an easing of the U.S. blockade against his country's oil industry.
"I have held a successful work meeting with Javier La Rosa, the president of Chevron, an oil company that will celebrate 100 years of operations in Venezuela in 2023," he tweeted.
“In the next few hours, we will sign the contracts to promote the development of mixed companies and oil production, according to the norms established in the Venezuelan constitution and laws. Now, let's produce!!".
The meeting came three days after the U.S. Office for Foreign Assets Control (OFAC) issued a special license for Chevron to operate in this South American country.
The special license allows access for Venezuelan production to the U.S., a country that is the world's second largest oil importer after China. Oil production will be carried out through Petropiar, Petroboscan, Petroindependencia, and Petroindependiente, which are four joint ventures in which Chevron and the state-owned company Petroleos de Venezuela (PDVSA) participate.
The special license was announced shortly after the signing of the second partial agreement reached between the Bolivarian government and the Unitary Platform in Mexico on Nov. 26.
The current international scenario has enabled direct rapprochement between Venezuela and the U.S. A precedent of this bilateral approach was the meeting between Venezuela's President Nicolas Maduro and a delegation sent by the U.S. President Joe Biden in March.