A matter of days after the United States administration announced that it was lifting the restrictions which had placed an embargo on the US oil giant Chevron plying its trade alongside Venezuela’s oil and gas industry, the authorities in Caracas have moved with haste to sign a contract with the oil company effectively green-lighting the recommencement of the collaborative work that not only represents the restoration of vital technical support for the country’s oil and gas sector, but also restored an important income stream which reportedly had to leave substantial sums of earnings behind in order to be compliant with Washington’s instructions that it leave Caracas with due haste.
“This contract aims to continue with the productive and development activities in this energy sector, framed within our Constitution and the Venezuelan laws that govern oil activity in the country,” is what a CNN report earlier this week quoted Venezuela’s Oil Minister Tareck El Aissami as saying. The signing ceremony for the new contract was reportedly attended by representatives of both PDVSA and Chevron.