Chevron will expand Venezuela operations, more than doubling production through $7 billion investment
Chevron will invest more than $7 billion to lift Venezuelan output to about 600,000 barrels per day under updated joint-venture terms, the company said.
- Chevron plans to expand its Venezuelan oil production to about 600,000 barrels per day through a $7 billion investment over five years, more than doubling its current output of around 280,000 barrels per day.
- The company has been assigned two additional oilfields in Venezuela's Orinoco Belt, where it already holds an established position with several joint ventures.
- Chevron's investment follows a deal announced by President Donald Trump to develop Venezuela's oil reserves and include the Pentagon in profit sharing.
- Chevron is the second-largest U.S. oil company and the only major U.S. oil firm with a significant presence in Venezuela, operating there since 1923.
334 Articles
334 Articles
Chevron Inks $7 Billion Venezuela Deal, Aims to Double Production by 2031
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wbap.comChevron Plans Major Venezuela Expansion As U.S. Targets Oil Growth
U.S. Energy Secretary Chris Wright says new energy deals could more than double Venezuela’s oil production in the next few years as the Trump administration pushes American investment into the country’s massive reserves. Wright made the comments during a visit to Caracas, where Chevron, Italy’s Eni and GE Vernova signed agreements that he described as […]
Chevron, a U.S. oil company, has decided to invest $7 billion to increase crude oil production in Venezuela. This development follows the opening of Venezuela's energy market after the collapse of the Maduro regime, accelerating the entry of global companies from Europe, India, and other regions.
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We got here in time. Chevron invests billions in local oil The American giant Chevron decided to take advantage of the favorable situation and expand its presence in Venezuela on a large scale
We got here in timeChevron invests billions in local oilThe American giant Chevron decided to take advantage of the favorable situation and expand its presence in Venezuela on a large scale. The company has reached a new agreement and plans to...
New Venezuela deal expands Chevron’s low-cost oil portfolio
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