Chevron to double oil rigs in Venezuela as part of growth plan

… <p>Once the joint ventures achieve 600,000 bpd, Chevron anticipates production will reach a plateau level between 600,000 to 700,000 bpd, Bonner said.</p> <p>&#8220;The large resource base gives us the opportunity to extend that plateau for five to 10 years, and that&#8217;s just the initial recovery from the reservoirs,&#8221; she said. &#8220;There&#8217;s a lot more upside there.&#8221;</p> <p>Chevron also received the right to international arbitration as part of its new contract terms that were signed last week, Bonner added.</p> <p>The ability to resolve potential disputes under international arbitration courts has been a key requirement cited by other oil producers including ExxonMobil and <a href="/tag/conocophillips/?utm_campaign=kw-link-name" class="keyword-link">ConocoPhillips</a>, which exited Venezuela in 2007 when their assets were nationalized and say they are still owed money.</p> …