Chevron Doubles Down on Venezuelan Oil

Chevron has reached an agreement to expand its oil production in Venezuela.

The deal would more than double Chevron's current oil production in Venezuela, bringing it up to 600,000 barrels per day.

The effort will be done through a joint venture, in which Chevron's subsidiary holds a 49 percent interest. The joint venture plans to spend over $7 billion over the next five years.

Chevron's CEO Mike Wirth said that the company has a long history in Venezuela and sees significant potential for investment.