Chevron Pledges $7 Billion for Venezuela Oil Expansion

Chevron has announced an agreement to invest over $7 billion in Venezuela's Orinoco Oil Belt, aiming to more than double its crude oil production to approximately 600,000 barrels per day within five years.

The investment is part of the Petroindependencia joint venture, where Chevron holds a 49% stake. The company will develop two new fields in the region, increasing its production capacity from around 280,000 barrels per day.

Chevron's CEO, Mike Wirth, highlighted the country's 'deep resource potential', suggesting that it could lead to decades of further investment. He emphasized that the agreement would deliver 'attractive, low-cost oil growth' and support energy supply.

The announcement comes amid a broader agreement between the US government and Venezuela's interim authorities, which grants the US majority control over a significant portion of the country's proven crude oil reserves.