Chevron Corporation announced agreements with Venezuela on Sept. 2 that establish updated terms for its joint ventures and support future investment and production growth in the country.
The company said the enhancements underpin joint venture plans to invest over $7 billion over the next five years, more than doubling production to approximately 600,000 barrels a day compared with 2026, with total costs of less than $20 per barrel.
Under the agreements, the Petroindependencia, S.A. joint venture, in which Chevron’s subsidiary holds a 49% interest, was assigned rights to develop the adjacent Carabobo-1 and Carabobo-2-South-A areas in the Orinoco Belt. Chairman and CEO Mike Wirth said the expanded position reflects confidence in Venezuela’s resource potential and thanked the U.S. Department of Energy and Secretary Wright for helping facilitate conditions for further investment.
Chevron said its three joint ventures have grown production by 15% year-to-date. The company described itself as one of the leading energy companies in Venezuela, with a presence dating to 1923.
Sources: Chevron.
