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Chevron to Double Venezuela Rig Count in $7 Billion Oil Push

Chevron plans to double the number of drilling rigs it operates in Venezuela under a five-year expansion that targets roughly 600,000 barrels per day of production. CFO Eimear Bonner said Tuesday that Chevron will add rigs under new contract terms signed with Venezuela last week. Those terms also give Chevron access to international arbitration, a particularly useful provision in a country with a long history of oil nationalizations and contract disputes. Chevron’s three Venezuelan joint ventures plan to invest more than $7 billion through…

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Chevron plans to double the number of drilling rigs it operates in Venezuela under a five-year expansion that targets roughly 600,000 barrels per day of production. CFO Eimear Bonner said Tuesday that Chevron will add rigs under new contract terms signed with Venezuela last week. Those terms also give Chevron access to international arbitration, a particularly useful provision in a country with a long history of oil nationalizations and contract disputes. Chevron’s three Venezuelan joint ventures plan to invest more than $7 billion through…

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INTEnergy Newsoilprice:oilprice-article-45490ActualitésIn force

Oil Industry Braces for Years-Long Iran War

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Why More Homes Are Switching From Gas to Heat Pumps

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