The new fields, Tomoporo and La Ceiba, contain more than 5 Bbbl of oil and are part of a venture in which Repsol holds a 40% stake and PDVSA holds the remainder.
After Venezuela opened talks with the opposition last year and agreed to hold free and fair elections in 2024, the US eased sanctions to allow Chevron to resume limited oil extraction part of an effort to keep down global prices as the West pressed sanctions on Russia.
On paper, the easing of US oil sanctions against Venezuela should allow its battered economy to once again profit from a resource it has more of than any country in the world.-
After Venezuela opened talks with the opposition last year and agreed to hold free and fair elections in 2024, the US eased sanctions to allow Chevron to resume limited oil extraction part of an effort to keep down global prices as the West pressed sanctions on Russia.
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