Chevron Secures Venezuelan Deals, Aims for 600k Bpd Output
Chevron Corp. has signed agreements with Venezuela to update terms for its joint ventures in the country, paving the way for increased production and investment.
The deals provide updated fiscal, commercial, and legal terms and assign additional acreage in the Orinoco Belt, a region known for its heavy oil reserves.
Chevron's agreements support plans to more than double output at its Venezuelan operations, with production expected to reach around 600,000 barrels per day. The company will invest over $7 billion in new spending and project development over the next five years.
The agreements also highlight Chevron's long-term presence in Venezuela, which dates back to 1923, and its ability to secure low-cost growth within its existing portfolio.