chevronvenezuela

📊 From "country risk" to a portfolio priority
For years, Venezuela was viewed by major oil companies as a risky destination, with fragile contracts and changing rules of the game. That narrative has just been shaken: Chevron’s CFO, Eimear Bonner, confirmed that the country has risen to the corporation’s top investment opportunities, after securing better contractual terms and additional blocks in the Orinoco Belt.
The figure on the table isn’t small: a gross commitment of nearly US$7,000 million and a production target of 600,000 barrels per day within five years, with total costs that the executive herself places below $20 per barrel. In Bonner’s words, this bet would make it possible to unlock around 9,000 million barrels of commercial reserves over the same period.

## The new wave of investment approaching Venezuela
The Venezuelan energy landscape is shifting. A group of international companies, including U.S. firm Chevron, Italian ENI, the KEO Capital fund, and the investment firm Primavera, would be about to sign agreements with the Venezuelan government to expand or kick off oil projects, sources told Reuters. These negotiations are taking place under the new Hydrocarbons Law, which seeks to update the terms of dozens of contracts and attract foreign capital.

## Chevron announces multimillion-dollar plan for Venezuela
The energy giant Chevron, the second-largest oil company in the United States, confirmed this Wednesday its intention to invest US$7,000 million in Venezuela over the next five years. The goal: to double its crude production. This is, without a doubt, the company’s biggest financial bet in the Caribbean country, and it comes as part of a strategy promoted from Washington to revive Venezuela’s oil sector.

The Venezuelan oil-rig board has a new contender, and it certainly didn’t arrive quietly. North American Blue Energy Partners (NABEP), the company led by Venezuelan businessman Alejandro Betancourt, announced that it has already secured a considerable operating arsenal: 60 drilling platforms, 30 steam boilers to mobilize heavy crude, and 70 pieces of heavy machinery equipment. Two of those rigs left Houston aboard the cargo vessel BBC Washington, with about six days of sailing ahead until Venezuelan waters.