Chevron Doubles Down on Venezuelan Oil Expansion

Chevron is doubling down on its Venezuelan oil operations, aiming to boost production by roughly 310,000 barrels per day over five years. The company plans to add rigs under new contract terms signed with Venezuela last week, which also grant Chevron access to international arbitration.

The expansion is part of a $7 billion investment plan through 2031, and the added acreage in the Orinoco Belt will sit alongside existing operations that Chevron already knows how to run. Chevron's current production stands at about 290,000 bpd, all of which is exported to the United States.

The company's CFO, Eimear Bonner, said that production costs across the expanded operations should remain below $20 per barrel. Chevron has been operating in Venezuela since 1923 and stayed through nationalizations that pushed ExxonMobil and ConocoPhillips out in 2007.