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Orinoco Belt

All articles tagged with #orinoco belt

business1 month ago•3 min saved

Chevron bets $7B on Venezuela to double oil output

Chevron plans more than $7 billion in Venezuela joint ventures to double crude production to about 600,000 barrels per day over five years, expanding its Petroindependencia operations in the Orinoco Belt by adding two adjacent Carabobo-area blocks. The deal targets low production costs below $20 per barrel and follows decades-long Chevron activity in the country, occurring alongside a separate Trump-backed plan to leverage Venezuela’s oil reserves.

via Al Jazeera|

#business #chevron #oil

energy1 month ago•2 min saved

Chevron bets $7B on Venezuela expansion to 600k bpd

Chevron plans a $7 billion expansion in Venezuela to lift oil output to about 600,000 barrels per day within five years by adding two more oilfields in the Orinoco Belt, consolidating its status as the only U.S. major active in the country via PDVSA joint ventures; the move aligns with Washington's push to boost oil production through private investment as Venezuela's oil infrastructure ages.

via CNBC|

#chevron #energy #nabep

world1 month ago•4 min saved

US Eyes Major Venezuela Oil Stakes, Sparking Opposition Backlash

Reports from major outlets say Washington is negotiating a long-term stake or leases in Venezuela’s oilfields, potentially giving the U.S. control over a large share of the Orinoco Belt and Lake Maracaibo reserves; the opposition denounces the move as predatory and unconstitutional, warning it would extend U.S. influence in Latin America, while Maduro-aligned authorities and exiled leaders are divided and no presidential election date has been set.

via The Guardian|

#lake-maracaibo #oil-and-gas #orinoco-belt

energy8 months ago•4 min saved

US Refineries Poised to Benefit from Venezuela’s Heavy Crude Revival

Venezuela holds the world’s largest proven reserves, dominated by heavy, sour crude in the Orinoco Belt. Reviving production would require massive investment and policy shifts amid sanctions and past expropriations, but US refiners—built to process heavy crude—could gain significantly if political barriers ease, with Chevron seen as best positioned among US majors and skepticism lingering about broader investment.

via Al Jazeera|

#energy #heavy-crude #oil-investment