Chevron has announced an investment of over €6 billion in Venezuela. The aim is to double its crude production to reach 600,000 barrels per day by 2031.
Chevron, the American oil giant, has confirmed its intention to invest more than €6 billion in Venezuela over the next five years. The company seeks to benefit from the recent privatisation plan for oil in the country, driven by the US government following the detention of Nicolás Maduro, and aims to achieve a production of 600,000 barrels per day by 2031.
The announcement was made by Chevron's CEO, Mike Wirth, during his visit to Caracas alongside US Secretary of Energy, Chris Wright. Wirth highlighted the “significant fiscal and commercial changes” that have facilitated new investments in the Venezuelan oil sector under the government of Delcy Rodríguez.
Chevron, which is the only major US oil company operating in Venezuela, will gain access to new exploitation areas in the Orinoco Belt, allowing for low-cost oil production. This move comes amid a context where US President Donald Trump has called on companies in the sector to address the situation of gasoline prices.
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