Chevron Commits $7 Billion to Boost Venezuelan Oil Output

Houston-based Chevron has announced plans to invest over $7 billion in Venezuela's oil industry over the next five years. The company aims to more than double its production in the country, reaching around 600,000 barrels per day by 2026.

Chevron's joint ventures will operate in the Orinoco Belt, where they have been assigned additional acreage. This expansion is part of a broader push into Venezuela's oil industry, with the US government supporting a separate agreement between North American Blue Energy Partners (NABEP) and the Venezuelan acting government.

The US-backed deal covers 17 oil fields containing an estimated 65 billion barrels and grants development rights for 100 years. However, analysts have questioned the legality of this agreement, citing concerns over its long term and the involvement of businessman Alejandro Betancourt, who has faced money-laundering investigations in Spain and Switzerland.