Chevron Scores Big in Venezuela as Rivals Lag Behind

Chevron has signed a landmark deal to expand its operations in Venezuela, doubling its output over the next five years.

The oil giant stayed in Venezuela for two decades while rivals ExxonMobil and ConocoPhillips left after their assets were nationalized in 2007.

Chevron CEO Mike Wirth told Bloomberg that patience is key, stating 'You have to hang in there until all the conditions come together: the technology, the economics, the markets, the politics.'

The company has already been expanding its operations in Venezuela and now has a huge head start over ExxonMobil and ConocoPhillips, which are still evaluating whether to reenter the country.

Chevron's new deal with Venezuela will provide it with more acreage in the Orinoco Belt, allowing it to increase production by 50% by the end of 2028.