Chevron will expand Venezuela operations, more than doubling production through $7 billion investment
Chevron will invest more than $7 billion to lift Venezuelan output to about 600,000 barrels per day under updated joint-venture terms, the company said.
- Chevron will expand its operations in Venezuela by investing over $7 billion and aims to more than double oil production to about 600,000 barrels per day by 2026.
- Chevron has operated in Venezuela since 1923 and manages extra-heavy oil projects through joint ventures like Petroindependencia and Petropiar in the Orinoco Belt.
- The US government under President Donald Trump is partnering with North American Blue Energy Partners to develop Venezuela's oil reserves and share profits with the Pentagon.
- Analysts express skepticism about the deal's legality and timeline, questioning the acting President's authority to grant 100-year rights over 17 oil fields containing significant reserves.
27 Articles
27 Articles
Chevron will expand Venezuela operations, more than doubling production through $7 billion investment
Associated Press News
US oil giant Chevron confirms it will expand operations in Venezuela
Oil giant Chevron is confirming that it is expanding its operations in Venezuela, just days after President Donald Trump announced an ambitious deal to develop the nation’s oil reserves and give the Pentagon a stake in the profits.
Chevron to Spend $7 Billion on Doubling Its Venezuelan Output
Chevron Corp. plans to invest $7 billion over the next five years to more than double its oil production in Venezuela, the largest financial commitment so far in a US government-led push to revive the Latin American country’s industry.
Chevron to expand in Venezuela as US energy secretary lands in Caracas
Chevron is expected to announce an expansion of its Venezuelan operations on Wednesday, hours after the country's parliament approved handing Washington control of a fifth of its oil reserves and as US Energy Secretary Chris Wright arrives to sign the agreement.
Chevron expands Venezuela position, to invest $7 billion in next five years
Chevron said on Wednesday it had agreed with Venezuela on updated terms for its joint ventures in the country and plans to invest more than $7 billion over the next five years, targeting production of about 600,000 bpd.
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