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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La entrada Chevron to double oil production in Venezuela apareció primero en Bitfinance.

On Monday, April 13, Petróleos de Venezuela (PDVSA) and the U.S. company Chevron signed an agreement to boost crude oil production in the Orinoco Belt. The meeting was chaired by acting president Delcy Rodríguez.

According to Rodríguez, “this agreement will allow us to make significant progress in production and ensure that the revenue generated from that production goes directly to the benefit of the Venezuelan people.”

Among the objectives of the agreement, she highlighted the exchange of assets between a gas field and the Ayacucho 8 oil block, which will be incorporated into the production of the Petro Piar joint venture. “This block, located in the Orinoco Oil Belt, is considered strategic due to its extra-heavy crude oil reserves.”

During the meeting, a resolution was also approved to delimit and grant exploitation rights in the Ayacucho 8 block to Petropiar, as part of the joint venture scheme operating in the country.

M.Pino

Source: spanish.xinhuanet

(Reference image source:  WORKSITE Ltd. on Unsplash)

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La entrada PDVSA and Chevron to boost oil production in the Orinoco Belt apareció primero en Bitfinance.