Chevron Doubles Down on Venezuela with $7 Billion Oil Investment

Chevron has announced plans to invest $7 billion in Venezuela to double its oil production in the country, following a deal with the US government.

The company's CEO, Mike Wirth, said that improved terms and additional acreage will enable Chevron to deliver 'attractive low-cost oil growth' in the Orinoco Belt, where most of the country's reserves are located.

Chevron will seek to produce about 600,000 barrels per day, up from its current production of 280,000 barrels per day.

The deal is part of a larger agreement between the US and Venezuela, which includes a concession for North American Blue Energy Partners (NABEP) to operate 17 oil fields in exchange for a 100-year contract.