Secretary of Energy: Chevron can increase oil production in Venezuela to 300,000 barrels per day
Chris Wright announced that more than 100 million dollars will be invested to "modernize" Venezuela's oil facilities.
TL;DR
- US Energy Secretary Chris Wright stated Chevron can increase oil production in Venezuela to 300,000 barrels per day.
- Chevron plans to invest over $100 million to modernize Venezuelan oil facilities.
- Production in a specific Chevron field is expected to double in the next 12-18 months.
- An increase of five times the current production is anticipated within five years.
- Venezuelan officials, including Delcy Rodríguez, expressed optimism about the cooperation and increased production.
- Chevron is currently the only US oil company operating in Venezuela.
- The visit included meetings with Venezuelan officials and discussions on an energy agreement.