Chevron Doubles Down on Venezuelan Oil with $7 Billion Expansion Plan

Chevron is making a significant move in Venezuela by investing over $7 billion to double oil production to about 600,000 barrels per day within five years. This expansion plan will see Chevron's Petroindependencia joint venture take on two new areas in the Carabobo region of the Orinoco Belt.

The U.S. oil major has operated in Venezuela since 1923 and currently has three joint ventures in the country. Under the new agreements, Chevron's operations will expand to include additional heavy oil production in existing sites.

Chevron CEO Mike Wirth stated that their expanded position reflects confidence in Venezuela's deep resource potential and its ability to compete for investment within their portfolio for decades.