Chevron Pumps Billions into Venezuelan Oil Amid Improved Terms
US energy giant Chevron announced that its Venezuelan joint ventures plan to invest over $7 billion in the country's oil industry. The investment will be spread out over five years and aims to more than double oil production to approximately 600,000 barrels per day.
The agreements reached with Venezuela established improved fiscal, commercial, and legal terms to support long-term investment, project development, and production growth. Chevron was also assigned additional acreage in the Orinoco Belt, where it already produces extra-heavy crude.
Chevron's Chairman and CEO Mike Wirth said that the company is 'strengthening a portfolio that we believe can deliver attractive low-cost oil growth, support energy supply, and create differentiated long-term value.' The company's total costs in Venezuela are less than $20 per barrel.