CFO Eimear P. Bonner says the plan aims to double production over five years
Chevron plans to invest a gross $7 billion over the next five years to expand its oil operations in Venezuela. CFO Eimear P. Bonner discussed the strategy on the Fortune Daily Show.
The energy company expects this investment to double its production over the five-year period. Bonner noted that the expansion will unlock approximately 9 billion barrels of commercial reserves at a gross level over the same timeframe.
Chevron currently operates three joint ventures in the country. According to Bonner, new terms and additional acreage positioned Venezuelan assets to compete with the rest of the company's global portfolio.
Bonner highlighted that Venezuela offers long-duration growth potential, low-cost operations, and higher returns. She added that these five-year targets represent just the beginning of what the company could build in the nation.
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