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 has unveiled a US$7 billion deal with Venezuela to double the country's oil production in five years, according to a press release. The agreement involves the development of two new oil fields in the Orinoco Belt, more than doubling output to around 600,000 barrels a day. Chevron's stake in the Petroindependencia joint venture will increase to 49%, with the company returning certain offshore gas extraction rights to the Venezuelan state oil company PDVSA.
Chevron CEO Mike Wirth highlighted the company's century-long presence in Venezuela and the country's vast resource potential, stating that the deal will deliver attractive low-cost oil growth, support energy supply, and create differentiated long-term value. US Energy Secretary Chris Wright arrived in Venezuela to finalize the deal, praising his efforts to facilitate conditions for further investment and growth.
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