Chevron Doubles Down on Venezuela with $10.5B Investment Plan
Chevron has made a significant move in Venezuela by committing to invest over $10.5 billion (AU$7 billion) over the next five years, aiming to more than double its local oil production.
The investment will see Chevron's subsidiary expand its operations, securing additional acreage in the Orinoco Belt and gaining development rights to new areas through its 49% owned Petroindependencia joint venture.
The company hopes to increase its production to around 600,000 barrels per day within five years, a significant jump from its current levels.
Chevron's Chairman and CEO Mike Wirth hailed the agreement as a major step forward for the company's presence in South America, citing Venezuela's 'deep resource potential' and low extraction costs as key factors.