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Chevron Commits $7 Billion to Boost Venezuelan Oil Production

Guavy AI Editorial Team
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Oil
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Chevron plans to invest $7 billion in Venezuela over five years, doubling its oil production capacity.

The company will boost output from around 300,000 barrels per day to about 600,000 barrels a day. Chevron CEO Mike Wirth said the investment would allow for 'attractive low-cost oil growth' and support energy supply.

The announcement comes after President Trump announced a deal with Venezuela to create a private joint venture in August. The new investment will be formally unveiled during a visit by Chevron officials and U.S. Energy Secretary Chris Wright.

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