US Talks With Venezuela Offer Faint Hope for Tattered Oil Fields
- Chevron said to have plans to start drilling new wells in 2024
- Expert sees Venezuela potential at 1 million barrels a day
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The Biden administration’s decision to open talks to temporarily lift sanctions against Venezuela raises the prospect that production may finally rebound in the world’s largest oil reserves.
Easing sanctions could revive long-awaited drilling projects by Chevron Corp., the only US oil company with operations in Venezuela, as well as those by European firms, including Eni SpA, Repsol SA and Maurel & Prom.