Chevron Pumps Billions into Venezuela Oil Operation
Chevron has made a significant commitment to increasing its oil output in Venezuela, announcing plans to invest over USD7 billion over the next five years.
The investment aims to double the company's production to 600,000 barrels per day and extract oil for less than USD20 per barrel. Chevron has secured the right to develop two giant oil fields in the Carabobo area, near one of its existing joint ventures.
This move comes as the US government expands its influence in Venezuela after toppling leader Nicolás Maduro in January. The deal is seen as a major step towards exerting more control over Venezuelan oil.
Chevron's CEO, Mike Wirth, praised the leadership of the Administration and the US Department of Energy for facilitating conditions for further investment and growth.