Chevron Drops $7 Billion on Venezuelan Oil Expansion Plans

Chevron has made a significant investment in Venezuela's oil industry, committing over $7 billion to expand its operations in the country.

The investment is part of new agreements with Venezuela that offer Chevron improved fiscal and commercial terms, as well as additional acreage in the Orinoco Belt. According to Reuters, the company plans to double its oil production in the country to around 600,000 barrels per day by 2031.

Chevron's three Venezuelan joint ventures will invest the money over the next five years, with total production costs remaining below $20 per barrel. The company currently produces around 290,000 bpd in Venezuela, all of which is exported to the United States.