Chevron plans $7 billion Venezuela investment to double oil production
Summary
Chevron plans to invest $7 billion in Venezuela over five years to double its oil production. This comes after President Donald Trump announced a deal with Venezuela to create a joint venture to operate large oil fields in the country.Key Facts
- Chevron is the only U.S. oil company operating in Venezuela.
- The company aims to raise oil production to about 600,000 barrels per day, double its current output.
- Chevron will develop new areas called Carabobo 1 and Carabobo-2-South in the Orinoco Belt, a region rich in oil.
- The investment follows a deal announced by President Trump on August 28 to create a private joint venture with Venezuela.
- Producing oil in Venezuela currently costs Chevron approximately $20 per barrel.
- The Orinoco Belt contains about 65 billion barrels of petroleum, a key resource in the deal.
- Chevron’s CEO stated the investment offers low-cost growth potential and long-term value.
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