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Chevron Speeds Ahead in Venezuela While Exxon Urges Caution with a ‘Little Pinch of Salt’

Summary by BizToc
While Chevron is investing $7 billion in Venezuela to double its oil output within five years, ExxonMobil CEO Darren Woods again urged “caution” and said a lot of reforms are still required before any major entry into the country is decided. Following reports a month ago that Exxon was close to…

6 Articles

FortuneFortune
+2 Reposted by 2 other sources
Center

Chevron speeds ahead in Venezuela while Exxon urges caution with a ‘little pinch of salt’

ExxonMobil emphasizes the need for lots of additional changes in Venezuela before making any financial plunge.

·New York, United States
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EL NACIONALEL NACIONAL

Venezuelan Oil: Chevron Invests 7 Billion and Exxon Remains Skeptical

Chevron seeks to raise its pumping from 300,000 to 600,000 barrels of oil per day by 2031.

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DiarioBitcoinDiarioBitcoin

Chevron Bets $7 Billion in Venezuela While Exxon Maintains Caution · Global Voices

Chevron plans to invest $7 billion to double its production in Venezuela, while ExxonMobil insists that it still needs reforms and guarantees before committing. The difference between the two companies reflects two strategies in front of a country with huge reserves, a deteriorated industry and political and legal risks that remain at the center of the discussion.

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TokenPostTokenPost

ExxonMobil CEO Sets Conditions Before Committing to a Venezuela Project

Darren Woods said Exxon wants a sustainable project that meets its return requirements. Chevron's separate five-year plan targets about 600,000 barrels per day.

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BizToc broke the news on Saturday, October 31, 2026.
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