Chevron Bolsters Position in Venezuela with Joint Venture Agreements
Chevron has strengthened its position in Venezuela after reaching agreements with the country to update terms for its joint ventures. The deals, which are intended to support long-term investments and production growth, include enhanced fiscal, commercial, and legal terms.
The agreements assign Chevron additional acreage in the Orinoco Belt, where the company has an established presence. This move is expected to double production to approximately 600,000 barrels a day by 2026 compared to current levels.
Chevron's Chairman and Chief Executive Officer, Mike Wirth, stated that the company's history in Venezuela spans over a century, and its expanded position reflects confidence in the country's deep resource potential. He noted that improved terms and additional acreage will support attractive low-cost oil growth, energy supply, and create long-term value.
The agreements also assign Petroindependencia, S.A., a joint venture where Chevron holds a 49% interest, the rights to develop adjacent areas in the Orinoco Belt. This expansion is expected to increase extra-heavy oil production.