INSIGHTS

By: Elizabeth Parra.

Anticipating and relating to relevant stakeholders as part of a  risk management strategy can ensure business continuity in various contexts.

Chevron restarted operations in Venezuela in 1996 with “operating agreements” and “strategic associations”; establishing its offices for Latin America in Caracas. In 2007, the Chávez government eradicated these agreements and proposed establishing joint ventures with PDVSA with a majority shareholding. While Exxon Mobil and ConocoPhillips failed to reach an agreement and left the country, Chevron accepted the proposal.

The company partnered with the Venezuelan state company in 4 projects; 2 with significant weight: in Petropiar it had a 30% interest and in Petroboscán it holds 39.2%. Chevron is the third largest oil company listed in the world, according to the Forbes 2000 list, with a global production equivalent to about 3 million barrels per day during the second quarter of 2019.

Direct and to the point: Chevron stayed and did very well

Source: https://www.bbc.com/mundo/noticias-america-latina-49720431