Experts assess the threat of the US redistribution of oil in Venezuelatranslated

Venezuela's oil agreements with the American Chevron and Italian Eni are so far unlikely to ensure a sharp increase in production and do not directly affect Chinese projects. Agreements with North American Blue Energy Partners (NABEP), which received 17 fields for 100 years, may become more significant for Beijing. According to Vedomosti, experts interviewed by the publication believe that the deal affects Chinese assets and may affect Caracas’ payments to Beijing and the supply of Venezuelan oil to China, although possible losses for China are not critical.

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Chevron plans to invest $7 billion over five years and double production to 600,000 barrels per day. According to a September 3 release from the US State Department, the company will continue to operate in the Orinoco Belt in the Carabobo 1 and Carabobo 2 South A sections through the Petroindependencia joint venture. Production costs are estimated at less than $20 per barrel.

Eni and state-owned PDVSA have entered into a 25-year contract to develop Junina 5, with proven reserves of about 35 billion barrels. The Italian company will become the exclusive operator and will take over technical, financial and…