Shafaqna English– Chevron plans to more than double its oil rig count in Venezuela under a five-year growth plan aimed at raising production in the country, CFO Eimear Bonner said Tuesday at a Barclays conference.
Last week, the U.S. oil major revealed that its joint venture partnerships in Venezuela would invest more than $7 billion to more than double oil output to 600,000 barrels per day by 2031.
The expansion underscores Chevron’s strategic bet on Venezuela’s oil sector despite ongoing political and operational risks, and highlights the company’s effort to scale up production in a major OPEC member where it operates through joint ventures and sanctions-related authorizations.
Source: Reuters