Chevron Aims to Double Oil Rigs in Venezuela Amid Growth Push

Chevron is doubling down on Venezuela's oil production, as part of its five-year growth plan. According to Chief Financial Officer Eimear Bonner, the company will more than double the number of oil rigs it operates in the country. This move comes after Chevron's joint venture partnerships invested over $7 billion to increase oil output to 600,000 barrels per day by 2031.

Bonner stated that once the joint ventures reach this target, production is expected to plateau between 600,000 and 700,000 barrels per day. However, she emphasized the large resource base in Venezuela gives Chevron 'the opportunity to extend that plateau for five to 10 years'.

Chevron has maintained its presence in Venezuela despite years of political upheaval, with the administration of U.S. President Donald Trump urging oil producers to invest in the country following the removal of President Nicolas Maduro by U.S. forces.