Chevron Pledges $7 Billion to Double Venezuelan Oil Production

Chevron has made a significant commitment to investing in Venezuela's oil industry, pledging $7 billion through 2031 to double production at low cost.

This move comes just days after the Trump administration's historic oil deal with Venezuela, which granted privately held North American Blue Energy Partners 100-year rights to develop 17 oil fields with an estimated 65 billion barrels of reserves.

Chevron plans to focus on the Orinoco Belt, which holds most of Venezuela's extra-heavy crude oil reserves, and has been granted additional development acreage in the region.

The company expects to double production to nearly 600,000 barrels per day at an average cost of just $20 per barrel, which should allow it to lock in healthy margins even in low-price environments.