Venezuela’s PDVSA Offers Rosneft Stake In Chevron-Held JV

Venezuela’s struggling state oil firm PDVSA has offered Russian oil giant Rosneft 10 percent of its 70-percent stake in a joint venture in which the other 30 percent is held by U.S. Chevron, Reuters reported on Thursday, citing five industry sources. The oil company of troubled Venezuela – where a devastating economic crisis is causing daily food and medicine shortages for millions – has offered Rosneft 10 percent of the Petropiar joint venture in the extra-heavy crude area of the Orinoco Belt. Chevron holds a 30 percent interest in Petropiar, a non-operated joint venture with PDVSA.  More…