Chevron Expands Venezuela Operations

Chevron said Sept. 2 that its Venezuelan joint ventures plan to invest more than $7 billion over five years, adding Orinoco Belt acreage and targeting production of about 600,000 barrels per day, roughly double current capacity. The announcement followed President Donald Trump’s oil agreement with acting President Delcy Rodríguez granting U.S. companies majority control over 65 billion barrels of Venezuelan crude reserves. U.S. Energy Secretary Chris Wright traveled to Caracas to finalize the agreements, which also included Eni and GE Vernova.