Chevron plans to double oil production in Venezuela with $7 billion investment

Chevron announced on Wednesday that it plans to invest $7 billion in Venezuela over the next five years and double its oil production after receiving additional acreage in the Orinoco Belt’s crude-rich region. The company, the only U.S. oil firm operating in Venezuela, said the investment would raise output to about 600,000 barrels a day—twice its current capacity. Chevron cited improved terms and more acreage as a way to deliver “low-cost oil growth,” and said it costs about $20 per barrel to produce oil there. It received rights to develop adjacent Carabobo 1 and Carabobo-2-South-A areas. Officials from Chevron and U.S. Energy Secretary Chris Wright are expected to visit Venezuela to unveil the plan.