Chevron doubles its presence in Venezuela with a $7 billion investment
The oil giant plans to expand its production in the South American country from 280,000 to 600,000 barrels in five years.
Chevron plans to double its oil production in Venezuela to 600,000 barrels per day by 2031 with a $7 billion investment. The US company has received concessions for two additional oil fields in the Orinoco Belt, where most of Venezuela's oil reserves are located. Chevron currently produces around 280,000 barrels per day in Venezuela and is the only major US oil company active in the country.
The investment announcement comes after the US government said it would control 21% of Venezuela's oil reserves through a partnership with NABEP, a company owned by Venezuelan businessman Alejandro Betancourt.
Written by urgent.news from El Pais's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
- Chevron confirms it will invest billions to expand operations in oil-rich Venezuela fastcompany.com
- US oil giant Chevron confirms it will expand operations in Venezuela apnews.com
- US oil giant Chevron confirms it will expand operations in Venezuela qatar-tribune.com
- US oil giant Chevron confirms it will expand operations in Venezuela winnipegfreepress.com
