Chevron to Invest $7 Billion in Venezuelan Oil Projects
Chevron has announced a new investment of over $7 billion in its operations in Venezuela, backed by updated agreements with the country that grant additional acreage and improved terms for joint ventures. The company aims to increase production from approximately 200,000 barrels per day today to around 600,000 barrels daily within five years. The expanded footprint includes new areas in the Orinoco Belt under Chevron's Petroindependencia joint venture and builds on a previous agreement that increased its working interest. The company emphasized low production costs of less than $20 per barrel and long-term confidence in Venezuela’s oil potential, citing over 15% year-to-date growth across its three major ventures. Chevron has operated in Venezuela since the early 20th century and currently manages extra-heavy crude projects through joint ventures. The move is seen as a strategic bet on stable fiscal terms and resource-rich opportunities.
Tickers: $CVX
Topics: Chevron investment joint ventures oil production Venezuela