Chevron updates Venezuela joint venture terms, adds Orinoco Belt acreage
CVX•Production and cost trends in Venezuela ventures
Chevron’s three Venezuela joint ventures increased production 15% year-to-date; total costs were cited at under USD 20 per barrel.
Petroindependencia gains rights to additional Orinoco Belt acreage
Petroindependencia, where Chevron holds 49%, received rights to develop adjacent Carabobo 1 and Carabobo-2-South-A in the Orinoco Belt.
An earlier April deal lifted Chevron’s Petroindependencia stake to 49% and added development rights to Ayacucho 8 near Petropiar.
Updated Venezuela joint venture terms support investment and growth
Chevron reached updated joint venture terms with Venezuela to support new investment, project development, and production growth.
Plans call for more than USD 7 billion of investment over five years, targeting output of about 600,000 bpd versus 2026.
