Chevron has announced an agreement to increase its oil production in Venezuela. The company plans to more than double its current output, aiming for 600,000 barrels per day.
Chevron will achieve this through a joint venture in which its subsidiary holds a 49% interest. The joint venture intends to invest over $7 billion in the next five years. The agreement includes additional acreage in the Orinoco Belt, famous for containing much of Venezuela’s heavy crude oil, where Chevron already has a strong presence.
Notably, Chevron is the only major U.S. oil company still operating in Venezuela, as ExxonMobil and ConocoPhillips exited in 2007. This deal is distinct from the Trump administration’s recent collaboration with Venezuelan oil company North American Blue Energy Partners, aiming to access 21% of the country’s oil deposits.
Read more at TheHill.com.
Rachel Frazin from The Hill reports on energy and policies influencing the sector. Topics include President Trump’s proposal to rename the Strait of Hormuz and Commerce Secretary Howard Lutnick’s claims regarding data centers and water usage.
Other significant issues include military site cleanups, funding cuts for natural hazard monitoring, and upcoming House committee discussions on water infrastructure legislation.