Chevron unveils deal to double Venezuela venture output in 5 years

Chevron Corporation announced a major expansion deal on Wednesday, committing to invest 7 billion dollars over the next five years to more than double its crude oil production in Venezuela.

The agreement updates the fiscal, commercial, and legal terms of Chevron's joint ventures with Venezuela's state-run oil company, PDVSA. Chevron CEO Mike Wirth noted that extracting Venezuelan crude under the new agreement remains highly competitive, with total extraction and operational costs projected at less than $20 per barrel.