Chevron Pledges $7 Billion for Venezuela Expansion

Chevron has announced plans to invest more than $7 billion in Venezuela over the next five years, as it looks to more than double its output in the country.

The US oil major will expand its position in the Orinoco Belt, with new agreements offering enhanced fiscal, commercial, and legal terms intended to support long-term investment and project development.

Chevron's 49%-owned Petroindependencia joint venture has been assigned additional acreage in the Orinoco Belt, including rights to develop the Carabobo-1 and Carabobo-2-South-A areas.

The company's Venezuelan assets have total costs of less than $20 per barrel, while production across its three joint ventures in the country has risen 15% year to date.