Chevron expects about 300,000 barrels per day in Venezuela by year-end
Presenting its third-quarter results, the company reaffirmed a US$7 billion, five-year investment plan to reach 600,000 barrels per day in 2031.
On October 30 Chevron presented its third-quarter results. Chief executive Mike Wirth said gross output from its joint ventures in Venezuela will reach about 300,000 barrels per day by the end of 2026. That is close to 20% more than 12 months ago.
The company keeps its plan to invest US$7 billion over five years to reach about 600,000 barrels per day by 2031.
Wirth credited the improvement to the new fiscal regime and said Venezuela generates positive free cash flow for the company. He estimated total costs below US$20 per barrel and said no major infrastructure works are required.
The executive said Venezuela has positioned itself more competitively within Chevron's project portfolio.
