Chevron unveils deal to double Venezuela’s venture output in 5 years
The oil giant announced a US$7 billion deal with Venezuela to develop two additional oil fields in the country's Orinoco Belt.
Chevron, a century-old presence in Venezuela, has unveiled a US$7 billion deal to develop two new oil fields in the Orinoco Belt. This joint venture with Petroindependencia, in which the company holds a 49% stake, will nearly double the output to approximately 600,000 barrels a day within five years. The expansion builds on Chevron's April announcement, wherein it increased its stake in Petroindependencia by 13.2% in return for returning offshore gas extraction rights to the Venezuelan state oil company, PDVSA.
CEO Mike Wirth highlighted the vast resource potential in Venezuela, stating it could lead to decades of further investment. Wirth praised the recent efforts by US energy secretary Chris Wright to facilitate improved conditions for investment and growth.
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