{"text":[[{"start":6.76,"text":"Chevron said it plans to more than double its oil production in Venezuela over the next five years, in the first major commitment from a US company to step up investment in the South American country since the Trump administration toppled its former leader Nicolás Maduro."}],[{"start":22,"text":"The ambitious production target from Houston, Texas-based Chevron is part of a $7bn investment plan the company is making with joint-venture partners."}],[{"start":31.44,"text":"Chevron said it would boost its output to 600,000 barrels a day after agreeing new terms with the Venezuelan government for its three joint-venture businesses with state oil company PDVSA."}],[{"start":42.76,"text":"Mike Wirth, Chevron’s chief executive, said the decision to expand its business in Venezuela “reflects our confidence in the country’s deep resource potential” and said the country would be a competitive part of its portfolio “for decades”."}],[{"start":56.5,"text":"Chevron said Venezuelan crude, which can often be heavy and difficult to extract and transport, would incur total costs of less than $20 a barrel. Its new acreage sits adjacent to existing joint-venture holdings."}],[{"start":69.14,"text":"Chevron’s current production in the country is 280,000 barrels a day, up from 50,000 barrels a few years ago, analysts at RBC Capital said in a note this week, after a meeting with the company’s chief financial officer Eimear Bonner."}],[{"start":82.8,"text":"Bonner said that “fiscal protections” like international arbitration rights would be needed for Chevron to invest more in Venezuela, the analysts added."}],[{"start":91.28,"text":"BP and Shell have both announced new projects in Venezuela this year, with most of their new investments focused on offshore gasfields."}],[{"start":101.88,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1788349659_3414.mp3"}