Chevron Targets 300,000 Barrels Per Day in Venezuelan Joint Ventures
What happened
Chevron reported third-quarter earnings of US$9.9 billion. The company stated that its three joint ventures in Venezuela are on track to reach about 300,000 barrels a day of gross production by the end of the year, representing a 20% increase over the previous 12 months. Chevron also reiterated its plan to invest US$7 billion over five years to double output to roughly 600,000 barrels a day by 2031.
From riotimesonline.com
Why it matters
The increased production and investment in Venezuela could boost state revenue and competitiveness within Venezuela. Additionally, increased Venezuelan oil production might strengthen the energy supply chain to Cuba.
Chevron Corporation's investment in Venezuela has been characterized as being subject to political pressures and instability.
From riotimesonline.com
Who's involved
- VenezuelaHost country where Chevron operates joint ventures
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
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The entities involved
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Cuba
sovereign state situated on an island in the Caribbean Sea