Chevron to invest more than $7bn in Venezuela expansion and new Orinoco acreage
Chevron has said it will invest more than $7bn in its Venezuela joint ventures as it expands its operations in the country's Orinoco Belt. The company said the plan will allow it to double production to about 600,000 barrels per day over the next five years. It also said it has been assigned additional acreage and will extend its Petroindependencia joint venture into two adjacent areas in the Carabobo region.The announcement was made on Wednesday and comes as the company says it remains the only US oil firm with a major presence in Venezuela. Chevron chief executive Mike Wirth said... [Continue Reading]
360LiveNews | 02 Sep 2026 18:30 LONDON
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US-Venezuela oil deal announced as Caracas says it retains sovereignty over reserves
Venezuela has said it will retain sovereignty and ownership of its oil resources after the announcement of a 25-year agreement with the United States covering more than 65 billion barrels of proven reserves. In a televised address, interim President Delcy Rodriguez said the project would allow Venezuela to develop its oil industry while keeping control of its natural resources. She said the arrangement would involve 17 strategic oilfields and an initial production target of 1.5 million barrels per day.Rodriguez said $19 from every barrel sold to the United States would flow to Caracas under the deal, which she said could... [Continue Reading]
360LiveNews | 30 Aug 2026 05:29 LONDON
