Chevron Doubles Down on Venezuela Oil Expansion

Chevron, the only US oil company with a significant presence in Venezuela, has announced plans to double its oil production in the country over the next five years. The company will invest $7 billion to increase production from around 300,000 barrels per day to approximately 600,000 barrels.

This move comes amid President Donald Trump's efforts to develop Venezuelan oil fields, which contain about 65 billion barrels of petroleum. Chevron CEO Mike Wirth stated that the company is 'strengthening a portfolio that we believe can deliver attractive low-cost oil growth.'

The decision to expand production in Venezuela follows years of political instability and international sanctions, which have limited the country's current output to around 1.1 to 1.2 million barrels per day.