Chevron Pledges $7 Billion to Double Venezuelan Oil Production

Chevron has announced plans to invest $7 billion in Venezuela over the next five years. The investment aims to double the company's oil production in the country, which is currently around 300,000 barrels per day.

The new investment will allow Chevron to boost production to about 600,000 barrels a day and expand its operations in the Orinoco Belt region. The company has been assigned rights to develop the adjacent Carabobo 1 and Carabobo-2-South-A areas in the region.

Chevron's CEO Mike Wirth stated that the investment will allow the company to 'deliver attractive low-cost oil growth, support energy supply, and create differentiated long-term value.' The company's joint ventures Petroindependencia and Petropiar S.A. oversee extra-heavy oil projects in the Orinoco Oil Belt.

Experts have expressed skepticism about the timing of the investment, with one expert stating that 'meaningful new barrels are years away' due to Venezuela's neglected oil industry and need for billions in fresh investment.