Commodities
Chevron Commits Billions to Venezuela Oil Expansion
Chevron is committing over $7 billion to its joint ventures in Venezuela, aiming to double oil production to around 600,000 barrels per day within five years.
The company will expand operations in the Petroindependencia joint venture, including two adjacent blocks in the Carabobo region of the Orinoco Oil Belt.
Chevron CEO Mike Wirth stated that the expansion reflects their confidence in Venezuela's significant resource potential and its ability to compete for investment.