Chevron to Expand Operations in Venezuela with $7 Billion Investment
Chevron announced plans to more than double its oil production in Venezuela over the next five years through a $7 billion investment, expanding into two additional oilfields within the Orinoco Belt. The company aims to increase output from approximately 280,000 barrels per day (bpd) to 600,000 bpd by 2029. The move is part of a broader U.S. strategy to boost oil production in Venezuela through private investment as the country's infrastructure has deteriorated under its socialist government. Chevron remains the only major U.S. company operating there via joint ventures with state-owned PDVSA, and it emphasized that improved terms and additional acreage will support long-term value creation. The announcement coincides with recent developments where the U.S., through partnerships like North American Blue Energy Partners (NABEP), has secured control over significant portions of Venezuela's oil reserves. Chevron shares rose slightly in premarket trading following the news.
Tickers: $CVX
Topics: Chevron investment oil production Venezuela