Chevron to Invest $7 Billion in Venezuela Oil Expansion
Source Summary
Chevron will invest more than $7 billion in Venezuela over the next five years and more than double its oil production in the country to approximately 600,000 barrels per day. The investment follows new agreements with Venezuela providing improved fiscal, commercial, and legal terms and additional acreage in the Orinoco Belt. Chevron's three Venezuelan joint ventures will execute the investment through 2031, with production costs remaining below $20 per barrel.
Why it matters
The investment signals Chevron's major commitment to expanding Venezuelan oil production and reflects improved commercial terms that make the country's operations economically viable for the company.
