Chevron announced it plans to significantly increase its oil production in Venezuela. A new agreement will allow the company to more than double its current production to 600,000 barrels per day.
The effort involves a joint venture, with Chevron’s subsidiary holding a 49 percent interest. The joint venture will invest over $7 billion in the next five years. As part of the deal, Chevron acquired additional land in Venezuela’s Orinoco Belt, rich in heavy crude oil, strengthening its existing operations in the area.
Currently, Chevron is the only major U.S. oil company operating in Venezuela. Both ExxonMobil and ConocoPhillips exited the country in 2007. The agreement stands apart from recent U.S. efforts by the Trump administration to collaborate with Venezuelan company North American Blue Energy Partners, aiming to access 21 percent of Venezuela’s oil reserves.
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