Chevron Targets 600,000 BPD in Venezuela With $7B Low-Cost Growth Plan
Chevron will add rigs under new contract terms and invest more than $7 billion through 2031 to lift output, the company said.
- On Tuesday, Chief Financial Officer Eimear Bonner announced at a Barclays conference that Chevron will more than double its drilling rigs in Venezuela as part of a five-year expansion plan.
- Chevron's joint ventures plan to invest more than $7 billion through 2031, targeting roughly 600,000 barrels per day to more than double current output from about 290,000 bpd.
- New contract terms signed last week grant Chevron access to international arbitration and additional acreage in the Orinoco Belt, with production costs estimated below $20 per barrel.
- The expansion aligns with a broader U.S.-Venezuela oil agreement announced last week; the White House stated the deal provides the United States government governance rights and guaranteed access to production.
- Production is expected to reach a plateau between 600,000 to 700,000 barrels per day. "The large resource base gives us the opportunity to extend that plateau for five to 10 years," Bonner said.
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The U.S. oil company announced that its joint ventures in Venezuela would invest more than $7 billion to more than double oil production
Chevron to double oil rigs in Venezuela as part of $7B five-year investment, CFO says (CVX:NYSE)
Chevron plans to more than double the number of oil rigs it operates in Venezuela as part of its $7B expansion to boost production in the country to ~600K bbl/day, CFO Eimear Bonner said.
Chevron Targets 600,000 BPD in Venezuela With $7B Low-Cost Growth Plan
Chevron (NYSE:CVX) sees Venezuela as a potentially significant source of low-cost production growth after negotiating revised commercial and legal terms that Chief Financial Officer Eimear Bonner said made the country’s resource base competitive within the company’s global portfolio. Speaking at th
Chevron will double the pace of "capture" of Venezuelan oil
Chevron will double the pace of "capture" of Venezuelan oilAmerican Chevron plans to double the number of oil drilling rigs in Venezuela. This is part of the company's five-year plan to increase oil production in the country. This was announced by the...
Chevron is more than doubling the number of its oil rigs in Venezuela and investing more than $7 billion through its joint ventures to double production to 600,000 barrels per day by 2031. The American oil giant has maintained a presence in the country despite political changes in recent years, where the Donald Trump administration is now actively encouraging investment.
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