Chevron Doubles Down on Venezuela with $7 Billion Oil Investment
Chevron Corporation has reached agreements with Venezuela to update its joint ventures' terms and support future investment, project development, and production growth in the country.
The agreements provide enhanced fiscal, commercial, and legal terms that are intended to attract long-term investments. Chevron has been assigned additional acreage in the Orinoco Belt, where it already has a significant presence.
As part of the agreements, Chevron will invest over $7 billion over the next five years, more than doubling production to approximately 600,000 barrels a day by 2026.
Chevron's Chairman and CEO, Mike Wirth, said, 'We are strengthening a portfolio that we believe can deliver attractive low-cost oil growth, support energy supply, and create differentiated long-term value.'