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.
27 Articles
27 Articles
Chevron will expand Venezuela operations, more than doubling production through $7 billion investment
Associated Press News
US oil giant Chevron confirms it will expand operations in Venezuela
Oil giant Chevron is confirming that it is expanding its operations in Venezuela, just days after President Donald Trump announced an ambitious deal to develop the nation’s oil reserves and give the Pentagon a stake in the profits.
Chevron to Spend $7 Billion on Doubling Its Venezuelan Output
Chevron Corp. plans to invest $7 billion over the next five years to more than double its oil production in Venezuela, the largest financial commitment so far in a US government-led push to revive the Latin American country’s industry.
Chevron to expand in Venezuela as US energy secretary lands in Caracas
Chevron is expected to announce an expansion of its Venezuelan operations on Wednesday, hours after the country's parliament approved handing Washington control of a fifth of its oil reserves and as US Energy Secretary Chris Wright arrives to sign the agreement.
Chevron expands Venezuela position, to invest $7 billion in next five years
Chevron said on Wednesday it had agreed with Venezuela on updated terms for its joint ventures in the country and plans to invest more than $7 billion over the next five years, targeting production of about 600,000 bpd.
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