Chevron Doubles Down on Venezuelan Oil Production
Chevron has announced a deal to increase oil production in Venezuela, with current production expected to double to approximately 600,000 barrels per day. The agreement marks a significant expansion of Chevron's presence in the country, where it has operated for over a century.
Chevron CEO Mike Wirth attributed the improved conditions and additional acreage to increased confidence in Venezuela's resource potential and ability to attract investment. He noted that the deal will provide 'attractive low-cost oil growth' and support global energy supply.
The announcement follows encouragement from former President Trump for oil companies to operate in Venezuela, as well as a meeting between Chevron Vice Chairman Mark Nelson and the White House earlier this year.