Chevron to Pour Billions into Venezuela, Targets Doubling Oil Output
Chevron Corporation will invest over $7 billion in its Venezuelan joint ventures over the next five years, aiming to more than double production to around 600,000 barrels per day. The US energy major secured updated terms and additional acreage from Venezuela to support future investment and production growth.
The agreements provide Chevron's joint ventures with enhanced fiscal, commercial, and legal terms aimed at supporting long-term investment and project development. This move is expected to strengthen Chevron's portfolio and support future oil growth.
Chevron Chairman and CEO Mike Wirth said the expanded position in Venezuela would 'strengthen a portfolio that we believe can deliver attractive low-cost oil growth, support energy supply, and create differentiated long-term value.'