Chevron set to expand in Venezuela as US energy secretary lands in Caracas

Chevron agreed with Venezuela on updated joint venture terms, planning a $7 billion investment over five years to target 600,000 bpd. The deal includes additional acreage and enhanced fiscal terms, aiming to boost production at three joint ventures, which have already increased output by 15% this year. Total costs are expected to remain below $20 per barrel, according to the company.

The EPA granted 1.76 billion renewable fuel credits in exemptions for 2025, double earlier estimates, and plans to reallocate obligations to larger refiners. Marathon Petroleum and Chevron were among those granted exemptions. Ethanol blending credits rose 16%. The move may increase tensions between energy and agriculture industries ahead of elections.

US Energy Secretary Chris Wright will visit Venezuela to discuss Chevron's plans to expand operations. A recent US-Venezuela oil agreement grants the US a stake in Venezuelan oil fields, previously influenced by Chinese and Russian firms. The deal secures long-term energy supplies and aims to align Venezuela's economy with the Western Hemisphere. The oil fields hold an estimated 65 billion barrels of proven reserves, with total reserves exceeding double that amount. The agreement involves the Pe

Chevron, the second-largest U.S. oil company, plans to expand operations in Venezuela, according to a U.S. official. The company and Energy Secretary Chris Wray will visit Venezuela for the announcement. The move follows a U.S. partnership with North American Blue Energy Partners (NABEP) to revive Venezuela's oil industry. Analysts question the legality and longevity of the agreement, while the U.S. defends its partnership with NABEP's owner, Alejandro Betancourt, despite past investigations.

Chevron, the second-largest U.S. oil company, plans to expand operations in Venezuela. According to a U.S. official, Energy Secretary Chris Wright and Chevron officials will visit Venezuela to announce new investments. The move follows a White House partnership with North American Blue Energy Partners (NABEP) to access Venezuela's oil resources.

Chevron is selling its 31% stake in Block 14 and 15.5% in Block 14K offshore Angola to Etu Energias for $250 million. Etu will become the largest shareholder and may operate Block 14. BW Energy and Chariot will support the deal, funded by Shell. Blocks 14 and 14K produce 42,000 bbl/d, with potential for further development.