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Texaco fuel card news: Venezuela feels 'positive but not overwhelmed' over oil sales

19 February, 10
Texaco fuel card users have been told that Chevron's oil contract in Venezuela was just one of a number of deals which will earn the country tens of billions of pounds.

A group headed by Chevron - which is the parent company of UK diesel retailer Texaco - was awarded the rights to drill for oil in the huge Orinoco field in the Latin American country earlier this month.

"We look forward to being part of this new opportunity that will expand development of one of the world's largest known hydrocarbon resources," Chevron's vice chairman George Kirkland said at the time of the announcement.

But despite the deal with the US oil giant and the fact that the Orinoco field is thought to contain more than 100 billion barrels of the hydrocarbon, industry experts have told the Financial Times that the results are "positive but not overwhelming" for Venezuela.

Patrick Esteruelas, an analyst at Eurasia Group, told the newspaper that the country may have been anticipating greater interest in its resources.

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Posted by Sean WebbADNFCR-2675-ID-19627309-ADNFCR
Texaco fuel card news: Venezuela feels 'positive but not overwhelmed' over oil sales



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