Chevron announced on Wednesday agreements that will allow the American oil company to more than double its oil production in Venezuela in five years, investing more than $7 billion in the period. The goal is to increase production to approximately 600,000 barrels per day by 2026, compared to current levels. The company, headquartered in Houston, Texas, operates in Venezuela through the joint venture Petroindependencia, of which it holds a 49% stake.
The announcements came a few hours before the US Secretary of Energy, Chris Wright, finalized in Caracas an agreement that grants the US a fifth of the oil reserves of the South American country. The agreement also establishes that the United States will buy oil from Venezuela at cost price and will have veto power in a company with a 100-year concession.
Chevron reported through a statement that the agreements include new concessions in the country's Oil Belt. Trump's agreement generated alerts that Venezuela could become a natural resource colony, according to repercussions mentioned in the article.
