Chevron announced a five-year expansion plan in Venezuela, committing over $7 billion to more than double its active drilling rigs. The company aims to boost daily crude oil production from approximately 290,000 barrels to 600,000 barrels by 2031. All current production is exported to U.S. refineries.
Chief Financial Officer Eimear Bonner confirmed the initiative at a Barclays conference, highlighting the finalization of new contract terms with Venezuela. The new agreements grant Chevron additional acreage in the Orinoco Belt and include rights to international arbitration, a key safeguard for the investment. Bonner noted that existing infrastructure is in good condition, allowing for a capital-efficient expansion.