Chevron Doubles Down on Venezuela Oil Production

Chevron plans to invest $7 billion in Venezuela over five years to more than double its oil production. This move comes after US pressure on international companies to invest in the country's oil sector. Chevron currently produces 280,000 barrels a day in Venezuela, up from 50,000 barrels just a few years ago.

The White House has been pushing for increased investment in Venezuela as it attempts to boost the supply of US-controlled oil from the country. Energy Secretary Chris Wright is visiting Caracas this week to announce commitments by US groups and drum up further investment.

Chevron's new production targets are 600,000 barrels a day, with two new oilfields in the Orinoco belt set to be developed. The company has secured rights to develop these fields adjacent to its existing joint venture holdings.