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Chevron Doubles Down on Venezuela Oil Production Deal

Guavy AI Editorial Team
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Oil
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Chevron has announced a deal to expand its oil production in Venezuela, doubling current output to around 600,000 barrels per day.

The agreement follows encouragement from former President Donald Trump for oil companies to operate in the country.

Chevron's CEO Mike Wirth stated that the improved terms and additional acreage will allow the company to strengthen its portfolio and deliver 'attractive low-cost oil growth'.

This move is seen as a significant development, given Chevron's long history in Venezuela, which spans over a century.

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