Chevron, Maraven sign heavy oil agreement

Chevron Corp. and Maraven SA have formed an alliance to further develop Venezuelas giant Boscan oil field and supply heavy crude to Chevrons U.S. refineries. Under the alliance, Chevron will operate Boscan heavy oil field and may spend $2 billion in 20-30 years. The alliance covers an initial term of 20 years with a 10 year extension option. In addition, Maraven will become a partner with Chevron in a West Coast asphalt joint venture while supplying heavy crude for Chevrons 295,000 b/d Pascagoula, Miss., refinery and asphalt plants at Perth Amboy, N.J., Portland, Ore., and Richmond Beach, Wash. Chevron found Boscan field in 1946. Venezuela nationalized its petroleum industry in 197...

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