Chevron Doubles Down on Venezuelan Oil Production

Chevron has announced an agreement to expand its oil production in Venezuela, more than doubling its current output to 600,000 barrels per day.

The deal, which will be carried out through a joint venture with Chevron's subsidiary holding a 49 percent interest, is expected to cost over $7 billion over the next five years.

Chevron said it was assigned additional acres in Venezuela's Orinoco Belt as part of the agreement, an area known for its heavy crude oil reserves.

The company's CEO Mike Wirth expressed confidence in Venezuela's resource potential and ability to compete for investment, stating 'Chevron's history in Venezuela spans more than a century'.