Chevron plans to increase oil production in Venezuela by 20% by the end of 2026, said the company's CEO, Mike Wirth. According to him, the company expects to reach a level of about 300 thousand bpd, which is 20% higher than the figure in the previous 12 months. Wirth noted that Chevron has been operating in Venezuela for more than a century. The new tax environment made the state more competitive in the company's portfolio, and it immediately began generating positive free cash flow. Last month, Chevron announced plans to double production from three joint ventures to about 600,000 bpd by 2031. Chevron intends to invest $7 billion in Venezuela over the next five years to ensure production growth. The company could also extend the country's oil resource development program into the 2030s, using billions of barrels of reserves. Total costs are expected to be less than $20 per barrel, with a competitive return on investment, and no major upgrades will be required as the infrastructure is well maintained. Chevron markets 100% of its oil from the three joint ventures, most of which goes to refineries in the US, including Pascagoula and El Shanit, which increases domestic supply, Wirt concluded. Energopol in Max energy policy site.

Chevron plans to increase oil production in Venezuela by 20% by the end of 2026, said the company's CEO, Mike Wirth. According to him, the company expects to reach a level of about 300 thousand bpd, which is 20% higher than the figure in the previous 12 months. Wirth noted that Chevron has been operating in Venezuela for more than a century. The new tax environment made the state more competitive in the company's portfolio, and it immediately began generating positive free cash flow. Last month, Chevron announced plans to double production from three joint ventures to about 600,000 bpd by 2031. Chevron intends to invest $7 billion in Venezuela over the next five years to ensure production growth. The company could also extend the country's oil resource development program into the 2030s, using billions of barrels of reserves. Total costs are expected to be less than $20 per barrel, with a competitive return on investment, and no major upgrades will be required as the infrastructure is well maintained. Chevron markets 100% of its oil from the three joint ventures, most of which goes to refineries in the US, including Pascagoula and El Shanit, which increases domestic supply, Wirt concluded. Energopol in Max energy policy site.