8,432 Active Recruiters     Over 2 Million Candidates Globally

  1. Keep me logged in
  2. forgot password

Checkout Jobs Basket (0)

You can checkout a maximum of 150 jobs.

Signup Better for Candidates

  • Create a free virtual CV and let recruiters find you
  • Automatically have your profile matched to suitable Oil & Gas positions
  • Link to your profile using it as a free online CV
  • Store all your employment documents to your profile for easy sending
  • Always receive feedback on positions applied for

Signup Better for Recruiters

  • Suitable candidates automatically matched to your position
  • View candidate profiles for free
  • No more waiting for candidates to respond to job advertisements
  • Only ever pay when you match a candidate to a position
  • No more cold calling and sorting through out dated CVs

Pressure Mounts on Trump to End Chevron’s Venezuela Presence

Published in Oil Industry News on Friday, 26 July 2019

Graphic for News Item: Pressure Mounts on Trump to End Chevron’s Venezuela Presence

Pressure is mounting on U.S. President Donald Trump to end Chevron’s 100-year presence in Venezuela as he seeks to exert maximum pressure on the embattled regime of Nicolas Maduro.

Trump will announce his decision on whether to grant the U.S. oil major an extension to its sanctions waiver soon, Secretary of State Mike Pompeo said in an interview with Bloomberg TV.

The waiver allows the oil explorer and several oilfield-service companies including Halliburton and Schlumberger to operate in Venezuela despite U.S. sanctions and is due to expire on Saturday. Eliminating it would further damage the country’s collapsing oil industry, a key source of revenue for Maduro’s socialist government. But Trump must weigh this against opening the door for Russian and Chinese interests that could take Chevron’s place.

Hot Tip

Register on Oil and Gas People as a candidate and always have full control of your visibility. We want recruiters to be able to instantly find candidates that are available and actively looking for work. Just confirm your status every 60 days to stay visible and at the top of recruiters searches.

“We’re trying to ensure there aren’t wealth and resources that are getting into the pocket of Maduro and his cronies and flowing to the Cubans,” Pompeo said. “That’s the objective. Where we make a decision on a license or a particular sanction or a particular designation of an individual, those are all aimed to support the strategy.”

U.S. officials are keen to hasten Maduro’s decline and pulling Chevron out is seen as one of their best weapons, said Fernando Ferreira, an analyst at Rapidan Energy Group.

“Right now, the most likely scenario would be for the Trump administration to let the waivers expire with a 30- to 60-day wind-down period,” Ferreira said.

Chevron’s joint ventures with state-run Petroleos de Venezuela produce about 200,000 bopd, with Chevron entitled to about 40,000 of those. The company is making the case to the Trump administration that if it were to leave, its assets could be turned over to another operator.

U.S. Interests

Russia and China have made significant investments over the past decade in Venezuela, home to the world’s largest reserves.

“What’s critical is U.S. business interests are not ceded to the Russians and the Chinese but at the same time they are not helping to prop up the regime,” said Jason Marczak, a director at the Atlantic Council, a Washington-based think tank working with U.S. policymakers on a peaceful transition in Venezuela.

Earlier this week, Venezuela’s opposition-led National Assembly issued a decree that guaranteed Chevron’s assets in the country would be protected under a new government led by Juan Guaido.

That decree serves to “make it easier” for the Trump administration to pull Chevron out and at the same time protect its assets from Russian or Chinese entities, Joseph McGonigle, an analyst for HedgeEye Risk Management, wrote in a note.

Chevron defended its presence in the crisis-stricken country and said it’s “hopeful” the waiver will be renewed. “We are a constructive presence in the country,” the company said in an email. “Our focus is maintaining the safety of the operations and supporting the more than 8,000 people who work with us as well as their families."

Source: www.worldoil.com

Please leave comments and feedback below


Amercan Oil and Gas, Chevron Oil and Gas, Gulf of Mexico Oil and Gas, Oil and Gas News

Oil and Gas News Archive

Latest Oil & Gas News

Featured Companies

  • View All JobsOMPA

    Offshore Marine People & Academy (OMPA) is a global provider of personnel and training to the renewables, oil & gas, telecommunications and marine industries.

    With over 15 years' industry experience, we work with candidates to match them to the right roles and equip them with the skills and knowledge needed to succeed. Our job is to exceed your expectations.

    Visit us online: offshorempa.com

  • View All JobsChronos Oil and Gas

    Chronos Oil and Gas is one of the fastest growing and best placed recruitment agencies in the sector.

    With over 300,000 candidates on our database and an international team of specialist recruiters we work with clients to staff major projects around the world.

    Register your CV at www.chronosoilandgas.com

  • View All JobsNatural Resources

    Natural Resources is a UK based recruitment company providing personnel of all disciplines and nationalities worldwide.

    We represent clients and candidates at all levels who operate globally within oil & gas, renewables, nuclear, power, mining, marine, drilling, construction and petrochemicals. Our client base includes energy and construction.

    Visit Natural Resources at natural-resources.com