Chevron Pours $7 Billion into Venezuelan Oil Expansion

Chevron is expanding its oil footprint in Venezuela after announcing a $7 billion investment over five years. The US-based oil company will increase its production to around 600,000 barrels per day, more than double the output expected in 2026.

As part of the agreement, Chevron has been assigned additional land in the Orinoco Belt, where it has been operating since 2001. The company's presence in Venezuela dates back to 1923 and makes it the only US oil company currently operating in the country.

Chevron Chairman and CEO Mike Wirth said, 'Chevron's history in Venezuela spans more than a century, and our expanded position reflects our confidence in the country's deep resource potential and its ability to compete for investment within our portfolio for decades.'