Printer Friendly

CHEVRON AND PETROLEOS DE VENEZUELA SIGN LETTERS OF INTENT FOR HEAVY OIL DEVELOPMENT AND OTHER PETROLEUM OPPORTUNITIES

 CHEVRON AND PETROLEOS DE VENEZUELA SIGN LETTERS OF INTENT FOR
 HEAVY OIL DEVELOPMENT AND OTHER PETROLEUM OPPORTUNITIES
 SAN FRANCISCO, Feb. 19 /PRNewswire/ -- Chevron Corp. and Petroleos de Venezuela, S.A. (PDVSA) announced today that they have signed letters of intent to study possibilities for development and enhancement of heavy oil production from the On by Kenneth T. Derr, Chairman and Chief Executive Officer of Chevron Corp., and Andres Sosa-Pietri, President of Petroleos de Venezuela.
 The letters of intent provide for the creation of joint study teams which will make recommendations for possible upstream and downstream activities, as well as for potential transfer of technologies.
 "We are pleased to take this important step by joining forces with Venezuela in further developing its tremendous oil reserves," noted Mr. Derr, adding that the work Chevron has done in a number of other countries and PDVSA's expertise in the production of extra heavy oil will provide valuable experience in helping develop a program for Venezuela.
 According to PDVSA, Venezuela, with more than a trillion barrels of oil in place, is regarded as having the largest hydrocarbon growth potential in the world.
 Dr. Sosa-Pietri emphasized PDVSA's technological achievements in reducing the production and handling costs of the bitumen of the Orinoco Belt to highly competitive levels, noting, "PDVSA is a front- runner in devising new commercial technologies related to upgrading.
 "We regard this strategic association with Chevron as a significant step forward in the process of studying development alternatives for the vast oil resources we have in Venezuela," Dr. Sosa-Pietri said.
 -0- 2/19/92
 /CONTACT: Jan Golon Bayles, 212-303-3833; or Richard Lewis, 071-487-8502, both of Chevron; or Ivan Guttierez of Petroleos de Venezuela, 071-491-5118/
 (CHV) CO: Chevron Corp.; Petroleos de Venezuela, S.A. ST: California IN: OIL SU: JVN


JL -- SF011 -- 0436 02/19/92 12:05 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 19, 1992
Words:304
Previous Article:ZOOM TELEPHONICS DECLARES FINANCIAL RESULTS
Next Article:JACK W. SCHMIDT ELECTED 1992 SAE INTERNATIONAL PRESIDENT
Topics:


Related Articles
MOBIL AND PDVSA AGREE TO STUDY HEAVY OIL DEVELOPMENT, OTHER PETROLEUM OPPORTUNITIES
CHEVRON AND MARAVEN SIGN AGREEMENT TO EVALUATE POSSIBLE VENTURE IN VENEZUELA'S BOSCAN OIL FIELD
CHEVRON, MARAVEN FORM MAJOR ALLIANCE
International Consortium Operated by Chevron Wins Rights to Major Maracaibo Oil Field
Amerada Hess Creates Joint Venture to Run St. Croix Refinery
Chevron to Operate Venezuela's LL-652 Field
Lyondell-Citgo Houston Refinery Offered for Sale.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters