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Chevron plans to double Venezuela rig count in $7 billion expansion
The plan targets about 600,000 barrels per day of production and investment of more than $7 billion through 2031, with expanded costs kept below $20 per barrel.
Chevron plans to double the number of drilling rigs it operates in Venezuela as part of a five-year expansion aimed at lifting output to roughly 600,000 barrels per day, OilPrice reported. Chevron’s chief financial officer, Eimear Bonner, said the additional rigs will come under new contract terms signed with Venezuela last week. The updated terms also include access to international arbitration, a provision the company highlighted as relevant in a country with a history of oil nationalizations and contract disputes. The company said its three Venezuelan joint ventures plan to invest more than $7 billion through 2031. Chevron also reported current production of about 290,000 bpd, all exported to the United States. Chevron added that production costs across the expanded operations should remain below $20 per barrel. The company also received additional acreage in the Orinoco Belt, including Carabobo areas assigned to Petroindependencia, for which it holds a 49% interest, plus development rights near its Petropiar operation.