Chevron Bolsters Venezuelan Operations with New Agreements
Chevron has strengthened its position in Venezuela through updated agreements with the government. The deals provide improved terms for Chevron's joint ventures, including Petroindependencia and Petropiar, S.A., which operate extra-heavy oil projects in the Orinoco Oil Belt.
The agreements assign additional acreage to Chevron, where it can invest over $7 billion over the next five years. This will more than double production to approximately 600,000 barrels a day by 2026, with total costs of less than $20 per barrel.
Chevron Chairman and Chief Executive Officer Mike Wirth said: 'Our expanded position reflects our confidence in the country's deep resource potential... With improved terms and additional acreage, we are strengthening a portfolio that we believe can deliver attractive low-cost oil growth.'