Sep. 9 at 2:28 AM
Chevron plans to double the number of oil rigs it operates in Venezuela as part of a five-year strategy to significantly expand production, CFO Eimear Bonner said Tuesday at a Barclays conference.
Last week, Chevron announced that its Venezuelan joint ventures would invest more than
$7 billion to more than double oil output to 600,000 barrels per day by 2031. Once that level is reached, the company expects production to stabilize between 600,000 and 700,000 barrels per day, with additional upside from the country’s large resource base.
Chevron has maintained its presence in Venezuela despite years of political and economic instability. Under new contractual terms signed last week, the company also secured the right to international arbitration, an important protection for its investments and a key issue for other major oil companies that previously exited the country.
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