Chevron to double oil production in Venezuela

Chevron’s $7 billion investment plan in Venezuela aims to double oil production. The goal is to reach 600,000 barrels per day in five years in the Orinoco Belt.

This move is crucial for the Venezuelan oil industry. Chevron’s decision comes just days after the United States announced new energy investment initiatives in the country.

Chevron’s decision comes just days after the United States announced new energy investment initiatives in the country.A statement released last week revealed that “the new agreements modify the conditions under which Chevron’s joint ventures operate in Venezuela,” supported by “improved fiscal, commercial, and legal terms.”

They will leverage existing facilities, pipelines, and operating systems, reducing execution times and costs.

To double production, the U.S. company received the allocation of additional land in the Orinoco Oil Belt, where it has already established a strong presence. “The Petroindependencia joint venture, in which the Chevron subsidiary holds a 49 % stake, incorporated the Carabobo-1 and Carabobo-2-South-A blocks, two adjacent areas that expand its operational platform to increase extra-heavy oil production.”

M.Pino

Source: mase.mlneuquen

(Reference image source: J.f Manzanero on Unsplash)

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