Chevron Doubles Down on Venezuela with $7 Billion Oil Investment
Chevron has announced plans to expand its oil footprint in Venezuela, investing over $7 billion in the country's oil reserves. The investment will allow Chevron's production in Venezuela to double by 2026, reaching around 600,000 barrels per day.
The expansion comes as part of a deal between Chevron and the Venezuelan government, which includes joint venture plans to develop the Orinoco Belt, an oil-rich region in the country. Chevron has been operating in Venezuela since 2001, but this new agreement will give it access to additional land and resources.
Chevron's Chairman and CEO Mike Wirth stated that the company is 'strengthening a portfolio that we believe can deliver attractive low-cost oil growth' and that the deal reflects its confidence in Venezuela's resource potential. The U.S. Energy Secretary Chris Wright also welcomed the investment, saying it will lead to a more than doubling of Venezuela's oil production in the next few years.
The Trump administration has taken a 35% equity stake in North American Blue Energy Partners, a private oil and gas exploration company operating in Venezuela. The deal includes concessions for 17 oil fields with proven reserves of around 65 billion barrels of crude oil.