Chevron to Deliver Oil to Venezuela Under New Production Terms

Chevron Corp. will hand over a percentage of its Venezuelan production to the local government under new terms negotiated after receiving a license to restart operations in the South American nation, according to people with knowledge of the matter.

The deal was signed between the US energy giant and Petroleos de Venezuela in recent days, shortly after Chevron’s private license was issued by the US, according to the people, who asked not to be identified discussing a private matter. They said the pact has terms similar to those reached by other foreign energy companies operating there, which also deliver a percentage of their production to the Venezuelan government as payment.