Chevron Doubles Down on Venezuela with $7 Billion Oil Investment

Chevron has announced plans to invest $7 billion in Venezuela and double its oil production in the country. The company currently produces around 280,000 barrels per day but aims to increase this to 600,000 barrels per day.

The investment is part of Chevron's expansion into Venezuela's Orinoco Belt, which contains most of the nation's heavy crude reserves. The company has been given two additional oilfields in the region and will use the $7 billion to develop them.

This news comes as the U.S. government pushes to increase oil production in Venezuela. President Donald Trump recently announced that the U.S. has secured control over 65 billion barrels of Venezuela's crude reserves.