Venezuela Energy Deals: Chevron Invests Billions Amid Industry Revival
Oil producers Chevron, ENI, and Geopark are among the companies set to sign energy agreements in Venezuela as soon as Wednesday. The deals are not linked to the controversial Caracas-Washington deal that gives the U.S. access to 17 large oilfields.
The agreements relate to project expansions that have been in negotiation with Venezuela's oil ministry and state oil company PDVSA as part of a sweeping oil reform approved in January. This represents the latest effort by private companies and governments to revive Venezuela's struggling oil industry, which currently produces about 1.25 million barrels per day.
Chevron plans to invest more than $7 billion to more than double crude production in the OPEC country over the next five years, according to a statement from the company. This is part of its strategy of expanding joint ventures with PDVSA.