Chevron CFO Eimear Bonner said the company expects to grow its oil production in Venezuela by 50% by the end of 2028. Production has already increased from less than 50,000 barrels a day to 250,000 barrels a day over a few years, and grew another 15% in the second quarter. Bonner noted that Chevron executed a swap last quarter to gain more working interest and contiguous acreage for capital-light developments, and is in active discussions with the Venezuelan government on additional areas with competitive and durable terms. The company also projects that its outstanding debt balance in the country will be fully recovered by early next year.
Chevron CorpChevron expects 50% production growth in Venezuela by 2028, with output already up and a swap for more acreage.