Chevron Cranks Up Oil Rigs in Venezuela Amid Growth Plan

Chevron is revving up its operations in Venezuela as part of a five-year plan to boost oil production. The company will nearly double its number of oil rigs in the country, from an undisclosed current level to over twice that amount.

The move comes on the heels of Chevron's joint venture partnerships in Venezuela investing more than $7 billion to increase output to 600,000 barrels per day by 2031. This would represent a significant milestone for the company, which has maintained its presence in the country despite years of political upheaval.

According to Chief Financial Officer Eimear Bonner, Chevron anticipates production will reach a plateau level between 600,000 and 700,000 barrels per day after reaching 600,000 bpd. The company believes that its large resource base gives it the opportunity to extend this plateau for five to ten years.