Chevron to expand operations in Venezuela
Chevron, the only major U.S. oil firm operating in Venezuela, says it has received additional acreage and will double its output.
Chevron, the only U.S. oil producer with a major presence in Venezuela, says it has been granted additional acreage and plans to double its output. The company made the announcement amid its ongoing operations in the South American country, where it stands apart from other American firms.
The additional land will allow Chevron to expand its oil operations in Venezuela. According to the company, the new acreage will help it raise production significantly. In particular, Chevron said it aims to double output from current levels. That increase would come from the extra territory it has now received.
Chevron’s role in Venezuela is unique among U.S. energy companies. While other American oil firms have limited or no activities there, Chevron already has substantial operations and now intends to strengthen them. The company’s decision to increase output is therefore notable for its business in Venezuela.
With this expansion, Chevron is continuing its commitment to producing oil in Venezuela. The planned doubling of output shows that the company sees its Venezuela operations as an important part of its portfolio. At the same time, Chevron remains the only U.S. company with a large footprint in the country’s oil sector.
