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Chevron to Expand Operations in Venezuela, Doubling Oil Production
Chevron plans to invest over $7 billion to double its oil production in Venezuela to about 600,000 barrels per day over the next five years. The expansion involves additional acreage in the Orinoco Belt and is part of a broader effort to enhance operations in the country, which has the world's largest oil reserves but has seen a decline in output. Other companies are also expected to sign agreements in Venezuela as part of recent energy reforms.
Companies
Chevron
ENI
KEO Capital
Primavera
People
Mike Wirth
Chris Wright
Paula Henao
Donald Trump
Our neutral summary
Chevron plans to invest over $7 billion to double its oil production in Venezuela to about 600,000 barrels per day over the next five years. The expansion involves additional acreage in the Orinoco Belt and is part of a broader effort to enhance operations in the country, which has the world's largest oil reserves but has seen a decline in output. Other companies are also expected to sign agreements in Venezuela as part of recent energy reforms.
Read the full story at Al Jazeera English ↗
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