Chevron Doubles Down on Venezuela with $7 Billion Investment

Oil giant Chevron is expanding its operations in Venezuela after signing an agreement to invest $7 billion over five years. The move comes just days after the US and Venezuela reached a deal allowing American companies access to 65 billion barrels of oil.

The expansion will take place in the Orinoco Belt, where much of Venezuela's oil reserves lie. Chevron's CEO Mike Wirth said the agreement reflects progress toward a more competitive and durable framework for long-term investment.

Venezuela has been struggling with political and economic uncertainty since the US captured former President Nicolás Maduro in January. However, US Secretary of Energy Chris Wright sees energy as a key driver for transforming Venezuela's economy.