Chevron to complete deal in Venezuela to migrate, expand oil projects, sources say

Chevron is nearing final negotiations to migrate all its oil joint ventures in Venezuela into the country’s new energy framework, which would give the U.S. major more control over operations and enable key oilfield expansions, according to two sources. The update suggests improved execution prospects versus the prior framework, but remains dependent on successful completion and implementation of the new terms. Overall, it’s likely more company- than market-moving at this stage.