Chevron Expands in Venezuela Amid $7 Billion Investment Plan

Chevron has announced plans to expand its operations in Venezuela's Orinoco Belt, where much of the country's oil reserves lie. This comes after the US and Venezuela struck a deal last week that will give the US access to 65 billion barrels of oil.

The Chevron CEO Mike Wirth said the agreement is an important milestone for the company, its partners, and the Venezuelan people. He added that it creates opportunities for growth and development.

Chevron plans to invest over $7 billion in a joint venture with North American Blue Energy Partners over the next five years. This will expand production to approximately 600,000 barrels of oil per day.

The expansion is seen as a significant move given Venezuela's history of economic and political uncertainty. The country has been run by an interim unelected president since January, when former President Nicolás Maduro was captured by the US.