Chevron has announced an agreement to significantly increase its oil production in Venezuela. The company expects to more than double its current output, reaching 600,000 barrels per day.
This expansion will occur through a joint venture, with Chevron’s subsidiary holding a 49 percent interest. The joint venture plans to invest over $7 billion in the next five years. As part of the agreement, Chevron acquired additional acres in Venezuela’s Orinoco Belt. This region contains much of Venezuela’s heavy crude oil, where Chevron already operates.
Chevron stands as the sole major U.S. oil company currently active in Venezuela. ExxonMobil and ConocoPhillips ceased operations in the country in 2007. The new agreement appears separate from a recent U.S. government announcement about collaborating with North American Blue Energy Partners to access Venezuela’s oil reserves.
For further information, visit TheHill.com.
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