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Texaco fuel card news: Chevron consortium wins Venezuela oil deal

11 February, 10
Texaco fuel card holders have learned that the diesel provider's parent company, Chevron, has secured a major oil deal in Venezuela.

The consortium led by the US energy giant and comprising INPEX Corporation, Mitsubishi Corporation and Suelopetrol was awarded the contract governing three blocks in the Orinoco oil belt.

State-owned company Petroleos de Venezuela will operate the project and is expected to hold a 60 per cent stake, while the Chevron-led group will control the remaining share.

Vice chairman of Chevron George Kirkland expressed his satisfaction at securing the deal at Orinoco, which is thought to contain 100 billion barrels of more of the commodity.

"We look forward to being part of this new opportunity that will expand development of one of the world's largest known hydrocarbon resources," Mr Kirkland said.

The deal is the largest oil investment made in Venezuela from an overseas company since president Hugo Chavez came to power 11 years ago.

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Posted by Sean WebbADNFCR-2675-ID-19611243-ADNFCR

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Texaco fuel card news: Chevron consortium wins Venezuela oil deal