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Venezuela’s oil output will top 2 million barrels a day by 2030, U.S. energy secretary says

From Liberty Times · () Chinese

Translated from Chinese and summarized by DistantNews. Read the original for the full story.

At a glance

Newswire Named sources New plan
  • U.S. Energy Secretary Chris Wright said Venezuela’s oil output would rise from more than 1.2 million barrels per day to over 2 million by the end of the decade.
  • Chevron announced a $7 billion investment through its joint venture with Venezuela’s state oil company, aiming to more than double production within five years.
  • ExxonMobil and ConocoPhillips have not announced new investments since Venezuela seized related investments in 2007.

Venezuela’s oil production will exceed 2 million barrels a day before the end of the decade, U.S. Energy Secretary Chris Wright told CNBC, describing a sharp increase from current levels.

Wright said Venezuela initially produced slightly less than 1 million barrels a day and now produces more than 1.2 million. The projected output would be more than double the level cited when U.S. forces captured then-President Nicolás Maduro in January, according to figures Wright referenced in the interview.

Initially, our daily production was slightly below 1 million barrels; now it has exceeded 1.2 million.

— Chris WrightThe U.S. energy secretary described the increase in Venezuela’s oil output in an interview with CNBC.

His comments came shortly before the signing of agreements that included one giving the United States control over about one-fifth of Venezuela’s oil reserves. On the same day, U.S. oil giant Chevron said it would invest $7 billion through a joint venture with Venezuela’s state oil company. The company aims to more than double production within five years.

Other major U.S. oil companies have not followed with new investment plans. ExxonMobil and ConocoPhillips have yet to announce fresh commitments after Venezuela seized related investments in 2007.

By the end of this decade, Venezuela’s production will exceed 2 million barrels a day, meaning Venezuela’s oil production will grow substantially.

— Chris WrightWright gave the administration’s production forecast for Venezuela.
About this summary

Originally published by Liberty Times in Chinese. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

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