Chevron To Expand Venezuelan Acreage, Eyes $7B Investment


   
   HOUSTON, TX (DTN) -- Chevron announced Wednesday (9/2) landmark agreements 
with Venezuela, including additional acreage in the Orinoco Belt, and plans to 
invest more than $7 billion over the next five years.

   The investments are expected to more than double production to approximately 
600,000 bpd compared to 2026 levels.

   "With total costs of less than $20 per barrel, Venezuela represents a 
platform of differentiated, low-cost oil growth under Chevron's disciplined 
cash management model," the company said.

   Under the agreements, the Petroindependencia joint venture, in which 
Chevron's subsidiary holds a 49% interest, has been granted rights to develop 
the adjacent Carabobo 1 and Carabobo-2-South-A areas in the Orinoco Belt.

   On April, Chevron increased its working interest in Petroindependencia to 
49% and received rights to develop the Ayacucho 8 area adjacent to the 
Petropiar joint venture. Collectively, Chevron's three joint ventures have 
grown production by 15% year-to-date.

   Chevron's joint ventures,  Petroindependencia and Petropiar, operate 
extra-heavy oil projects in the Orinoco Oil Belt, while Petroboscan operates in 
Zulia State in Western Venezuela.




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