Chevron Doubles Down on Venezuela with $7 Billion Investment Plan
Chevron has secured new acreage in Venezuela and plans to invest $7 billion over five years, doubling its current production to around 600,000 barrels per day at a cost of less than $20 per barrel. The investment will be spread across three joint ventures with Petroindependencia and Petropiar.
The company has been granted additional rights to drill and produce in the Orinoco Belt, where most of Venezuela's heavy crude production is located. Chevron currently holds a 49% interest in Venezuelan projects through its joint venture with Petroindependencia.
Chevron CEO Mike Wirth stated that the company's expanded position reflects its confidence in Venezuela's resource potential and ability to compete for investment within its portfolio for decades.