Chevron Doubles Down on Venezuelan Oil with $7B Joint Venture

Chevron has secured a deal to expand its oil production in Venezuela, doubling its current output to 600,000 barrels per day.

The agreement will be carried out through a joint venture, with Chevron's subsidiary holding a 49 percent interest and plans to spend more than $7 billion over the next five years.

Chevron CEO Mike Wirth said in a statement that the company's history in Venezuela spans over a century and it has confidence in the country's deep resource potential.

The joint venture will utilize additional acres in the Orinoco Belt, an area rich in heavy crude oil where Chevron already has an established position.