Chevron Doubles Down on Venezuela with $7 Billion Investment

Chevron has announced plans to invest $7 billion in Venezuela and double its oil production in the country. The U.S. oil major will increase its production from around 280,000 barrels per day to 600,000 barrels per day.

The company's expansion comes after it was given two additional oilfields in Venezuela's Orinoco Belt, which contains most of the nation's heavy crude reserves.

Chevron is the only major U.S. oil company currently active in Venezuela, with other American companies pulling out over the past two decades due to various reasons.

The move aligns with the U.S. government's efforts to increase oil production in Venezuela, with President Donald Trump recently announcing that the U.S. has secured control over 65 billion barrels of Venezuela's crude reserves.