00:00 Speaker A
There’s also renewed promise in Venezuela where Chevron has operated for a century. A joint venture signed in 2026 will see the company double production there in the next five years for an investment of $7 billion.
00:13 Speaker A
It’s another instance of patience rewarded.
00:17 Speaker B
What had prevented us spending more money in Venezuela was um really the economics, the the returns that we could expect.
00:26 Speaker B
It’s in the last three years that we’ve had the joint ventures with Petavesa and have been investing in the assets and growing production.
00:34 Speaker B
I mean, we grew from 50,000 barrels a day back in 2022 and we’re almost at 300 this year.
00:41 Speaker C
Certainly what we see now are the the financial terms have become much more attractive. The investment protections have become much more robust.
00:48 Speaker C
Uh the means by which we get the crew to the market uh gives us a lot more influence over the flow of funds and uh we’re in a position now where we feel good about growing that production and uh and that’s that’s why we hung in there.
01:00 Speaker D
How do you start pricing in some of the other potential uncertainties like the political headwinds that can come from operating in a place like Venezuela?
01:07 Speaker B
We also implemented with these um agreements, we also implemented more protections from a legal perspective.
Source: finance.yahoo.com — article syndicated from the publisher’s feed; all rights remain with the original publisher.
