In this section, we present emblematic cases of good and bad practices in social responsibility and sustainability.
The oil company and stakeholders
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