The brand of Chevron is seen on the firm’s workplace in Caracas, Venezuela April 25, 2018.
Marco Bello | Reuters
Chevron introduced plans Wednesday to more than double its oil production in Venezuela over the subsequent 5 years through a $7 billion investment that expands its place within the South American nation.
The oil main has been assigned two further oilfields within the Orinoco Belt, the area that comprises most of Venezuela’s huge extrea heavy crude reserves. Chevron plans to extend its production within the nation to 600,000 barrels per day in comparison with round 280,000 bpd at present.
Chevron is the one U.S. oil main energetic in Venezuela through joint ventures with state-owned oil firm PDVSA.
“With improved terms and additional acreage, we are strengthening a portfolio that we believe can deliver attractive low-cost oil growth, support energy supply and create differentiated long-term value,” Chevron CEO Mike Wirth mentioned in a press release.
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