Chevron Doubles Down on Venezuelan Oil Amid $7 Billion Expansion

Chevron is expanding its presence in Venezuela, investing $7 billion over the next five years to increase production by approximately 600,000 barrels of oil per day.

This expansion comes after a deal was struck between the U.S. and Venezuela, granting American companies access to 65 billion barrels of oil.

Chevron CEO Mike Wirth said the agreement is 'an important milestone for Chevron, our partners, and the Venezuelan people,' adding that it will unlock growth and development.

The deal has been met with caution, however. Rystad Energy's Jorge Leon noted that restoring Venezuela's oil production to its former level of 3 million barrels per day would require over a decade and $183 billion in investment.