Chevron Secures More Venezuelan Heavy Oil Acreage with $7 Billion Investment Plan

Chevron (NYSE:CVX) has signed new agreements to expand its Venezuelan presence by securing additional heavy oil acreage in the Orinoco Belt.

The updated arrangements include revised fiscal and operational terms across Chevron's Venezuelan joint ventures, with a planned investment of over $7 billion over the next five years.

Chevron is not the only large energy producer reshaping its risk profile. The company plans to use its scale to secure long-life heavy oil resources on terms that support large upfront spending.