Chevron Ramps Up Venezuela Operations With $7 Billion Investment
The oil giant plans to more than double its output in the country as the Trump administration opens Venezuela's vast reserves for more exploration.
Chevron plans to invest more than $7 billion over five years in its Venezuelan joint ventures, aiming to more than double production. New agreements with Venezuela provide improved investment terms and access to additional oil fields in the Orinoco Belt. The company anticipates developing these projects at a cost below $20 per barrel, reflecting confidence in Venezuela’s resource potential.
- Chevron plans to invest over $7 billion in Venezuelan joint ventures in the next five years.
- The investment is expected to more than double Chevron’s production in Venezuela.
- New agreements with Venezuela include improved investment terms and access to more oil fields.
- The projects are expected to be developed at a cost of less than $20 per barrel.
- Chevron has a history in Venezuela spanning over a century.
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