Chevron Pours $7 Billion into Venezuela Amid US Control Deal
Chevron is investing over $7 billion in Venezuela's oil sector over the next five years, aiming to lift production to around 600,000 barrels per day. The move follows months of negotiations with Washington, which recently announced a deal giving the U.S. majority control over 65 billion barrels of Venezuelan oil reserves.
The new investment will support growth at Chevron's three joint ventures in Venezuela, including Petroindependencia and Petropiar in the Orinoco Belt, as well as Petroboscan in the western state of Zulia. The company has a long history in the country, dating back to 1923.
Chevron CEO Mike Wirth said that the investment reflects his confidence in Venezuela's deep resource potential and its ability to compete for investment within Chevron's portfolio for decades. Total costs are expected to stay below $20 per barrel.