Chevron targets up to 600,000 barrels per day from Venezuela oil deal

Chevron $CVX has reached an agreement covering two fields in Venezuela's Orinoco Belt through the PetroIndependencia joint venture.
The project is expected to involve approximately $7 billion of investment and is targeting production of up to 600,000 barrels per day, with projected operating costs below $20 per barrel.
The rights cover the neighboring Carabobo 1 and Carabobo-2-South-A areas.
If the production targets are achieved, the project could meaningfully increase Venezuelan crude supply and strengthen Chevron's exposure to low-cost reserves.