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Chevron plans to double rig count and invest $7B to boost Venezuelan production, increasing its output.
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Energy
Chevron CorpU.S. oil major Chevron plans to more than double the number of oil drilling rigs it operates in Venezuela as part of a five-year plan to boost production there, the company's Chief Financial Officer Aymara Bonner said on Tuesday at a Barclays-hosted conference. Last week, Chevron announced plans to invest over $7 billion through its Venezuelan joint ventures to more than double crude output to 600,000 barrels per day by 2031. According to Bonner, after reaching 600,000 barrels per day, the joint ventures' production is expected to stabilize at 600,000 to 700,000 barrels per day, and the abundant resource base could sustain that level for five to ten years.
Chevron CorpChevron plans to double rig count and invest $7B to boost Venezuelan production, increasing its output.