Chevron to expand in Venezuela, days after the U.S. and Venezuela strike oil deal
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Chevron announces expansion of its Venezuela operationsChevron is Venezuela’s largest foreign oil operator; the announced expansion comes amid political and economic uncertainty.
- Chevron announced an expansion of its existing operations in Venezuela’s Orinoco Belt.
- Chevron plans to invest over $7 billion through a joint venture over five years, raising output to approximately 600,000 barrels daily.
- The expansion follows Friday’s announcement that Venezuela will give the United States access to 65 billion barrels of oil.
- Rystad analysts estimate restoring production to approximately three million barrels daily would take over a decade and cost $183 billion.
uninvestable— Darren Woods, CEO of ExxonMobil, describing Venezuela's investment climate at a White House meeting in January.
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Chevron to expand in Venezuela, days after the U.S. and Venezuela strike oil deal
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