Chevron Bolsters Presence in Venezuela with Enhanced Joint Ventures
Chevron, one of the world's leading integrated energy companies, has expanded its position in Venezuela. The agreements set out provisions for Chevron's joint ventures in the country, including enhanced fiscal, commercial, and legal terms to support long-term investments.
As part of these agreements, Chevron has been assigned additional acreage in the Orinoco Belt, where it already has an established presence. This move is expected to more than double production to approximately 600,000 barrels a day over the next five years.
Chevron's Chairman and Chief Executive Officer, Mike Wirth, stated that the company's history in Venezuela spans over a century, and its expanded position reflects confidence in the country's deep resource potential. The company believes that Venezuela is a platform for differentiated oil growth under its disciplined cash management model.