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Chevron Secures Rights to Develop Venezuela's Largest Oil Fields

Guavy AI Editorial Team
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CVX
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Chevron has secured the rights to develop two major oil fields in Venezuela through its joint venture entity PetroIndependencia, which it holds a 49% stake in.

The Carabobo 1 and Carabobo-2-South-A oil fields are located in the Orinoco Heavy Oil Belt, and Chevron plans to invest more than $7 billion over the next five years to increase production to around 600,000 barrels per day.

This would more than double the current level of production and give PetroIndependencia a significant share of Venezuela's oil output.

Chevron CEO Mike Wirth said that Venezuela has 'abundant oil and gas resource endowments' and that this expansion reflects the company's optimism about the long-term investment value of the area.

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