Chevron Doubles Down on Venezuelan Oil Investments
Chevron has announced agreements with Venezuela to update terms for its joint ventures in the country. The new terms will support investments of over $7 billion over five years, more than doubling production to approximately 600,000 barrels per day.
The company's Chairman and Chief Executive Officer Mike Wirth said Chevron is confident in Venezuela's deep resource potential and ability to compete for investment within its portfolio. He noted that the agreements reflect the dedication of Venezuelan employees and a focus on responsible development of resources.
Chevron has been operating in Venezuela since 1923, with joint ventures in the Orinoco Oil Belt and other areas. The new agreements follow an April agreement under which Chevron increased its working interest in Petroindependencia to 49% and assigned rights to develop adjacent areas.