Chevron plans $7 billion Venezuela investment to double oil production
Chevron, the only U.S. oil company operating in Venezuela, said it has received additional land in the Orinoco Belt region and plans to double its oil production.
Chevron announced on Wednesday a $7 billion investment in Venezuela over the next five years, aiming to double its oil production in the country by leveraging additional acreage in the Orinoco Belt region. The oil major, which is the only U.S. company currently operating in Venezuela, stated that this investment will enable it to boost production to approximately 600,000 barrels per day, effectively doubling its current capacity.
According to a statement from Chevron, the company currently incurs a production cost of around $20 per barrel in Venezuela. With enhanced terms and expanded acreage, Chevron described its portfolio as poised to deliver attractive low-cost oil growth, support energy supply, and generate differentiated long-term value. Chevron CEO Mike Wirth expressed this optimism in the statement.
Chevron has been granted the rights to develop the adjacent Carabobo 1 and Carabobo-2-South-A areas within the Orinoco Belt.
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