Chevron to expand oil footprint in Venezuela with $7 billion investment
CARACAS, Venezuela — Chevron said on Wednesday its presence in Venezuela will be expanded after President Donald Trump announced a deal to develop the South American country’s oil reserves.
TL;DR
- Chevron will invest over $7 billion in Venezuela over the next five years.
- The investment aims to increase Chevron's oil production to 600,000 barrels per day by 2026.
- Chevron has been granted additional land in the oil-rich Orinoco Belt.
- Chevron is the only U.S. oil company currently operating in Venezuela.
- Energy Secretary Chris Wright visited Venezuela to discuss expanded investment.
- The U.S. plans to use Venezuelan oil to refill the Strategic Petroleum Reserve.
- Venezuelan crude may not be compatible with current SPR facilities due to sulfur content and gravity.