Barclays Conference: Majors Focus on Factory-Style Development in Venezuela

Chevron and ExxonMobil executives spoke at the Barclays 40th Annual Energy-Power Conference in New York, discussing their approaches to upstream growth and highlighting opportunities in Venezuela and Guyana.

Chevron's CFO Eimear Bonner emphasized the financial attractiveness of the company's Venezuelan operations, citing operating costs below $20/bbl and a goal of reaching 600,000 b/d by 2031. Chevron expects production to plateau between 600,000 and 700,000 b/d for most of the 2030s.

Bonner described Chevron's expansion plans in Venezuela as 'factory-type development,' comparing it to the company's experience in the Permian. The existing infrastructure is in good shape, and expansion will focus on pipeline and utility work rather than major capital projects.

ExxonMobil's CFO Neil Hansen discussed the success of its operations in Guyana, where a floating production unit is set to start production next quarter. Despite achieving significant success in Guyana, Exxon has not deviated from seeking future upstream opportunities, which could include developing discovered but undeveloped resources or pushing frontier exploration projects.