Market Flux Event
Chevron to Invest $7 Billion in Venezuela Over Five Years Targeting 600,000 Barrels Per Day
Chevron announced Wednesday it has agreed with Venezuela on updated terms for its joint ventures in the country and plans to invest more than $7 billion over the next five years, with the goal of more than doubling its production to approximately 600,000 barrels per day from around 280,000 bpd currently.
As part of the deal, Chevron has been assigned two additional oilfields in the Orinoco Belt, the region that holds the bulk of Venezuela's vast extra-heavy crude reserves. The announcement follows a U.S. government briefing the day prior and comes shortly after President Donald Trump announced a broader deal to develop Venezuela's oil resources.
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Sources
- Yahoo FinanceBig Oil vs. Midstream: Which Side of the Barrel Pays Better Right Now?
- reuters.comChevron expands Venezuela position, to invest $7 billion in next five years
- wsj.comChevron Readies Plans to Invest $7 Billion, Double Production in Venezuela
- marketwatch.comChevron outlines $7 billion plan to expand in Venezuela
- InvestingChevron to invest $7 billion in Venezuela after new joint venture deal
- ReutersUS energy secretary says Venezuela oil output to more than double in next few years
- CnbcChevron will expand Venezuela operations, more than doubling production through $7 billion investment
- MarketwatchChevron outlines $7 billion plan to expand in Venezuela
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- BusinessItalian energy producer Eni aims to eventually boost production from its Venezuelan operations to more than 1 million barrels a day, a figure that includes volumes from state-owned Petróleos de Venezuela, sources say
- 247wallst.com$7 Billion for Venezuelan Oil, and Chevron's CEO Just Told Drivers When Gas Gets Cheaper
- proactiveinvestors.comChevron to invest $7B in Venezuela
- Cablefxmacro*ENI, CHEVRON EXECUTIVES SIGN DEALS IN CARACAS
- MarketsdayChevron plans to invest $7bn to more than double its oil production in Venezuela over the next five years, in the first big commitment from a US major in the Latin American country since the Trump administration toppled former leader Nicolás Maduro
- WsjChevron to Invest $7 Billion in Venezuela, Doubling Production
- SeekingAlphaChevron $CVX is expanding its Venezuelan operations, planning a $7B investment over 5 years to double production! KEY HIGHLIGHTS: Targets 600,000 barrels daily at an ultra-low cost of under $20 per barrel Backed by $50.6B in EBITDA and $209.3B in total revenue Earns an A+ factor grade for Dividend Consistency THE RATING: Low-cost production expansion and massive EBITDA generation earn Chevron a Seeking Alpha Quant STRONG BUY score.
- SullyCNBCCompanies signing their deals in Venezuela’s presidential palace. We were given a near front row seat to the event. Incredible to witness. Chevron, ENI, GE Vernova and more were there.
- oilprice.comChevron Bets $7 Billion on Venezuela Oil Expansion
- nypost.comOil giant Chevron confirms it will expand operations in Venezuela after Trump announces deal
- FirstSquawkCHEVRON PLANS TO INVEST MORE THAN $7 BILLION IN VENEZUELA OVER FIVE YEARS, TARGETING PRODUCTION OF ~600,000 BPD FROM THE ORINOCO BELT.