Chevron Commits $7 Billion to Double Oil Output in Venezuela

Chevron has announced plans to invest over $7 billion in Venezuela through its joint ventures, aiming to double oil production to around 600,000 barrels per day within five years.

The investment will be made through Chevron's Petroindependencia joint venture, which will expand to include two adjacent areas in the Carabobo region of the Orinoco Belt.

Chevron CEO Mike Wirth stated that the company's history in Venezuela spans over a century and reflects its confidence in the country's deep resource potential.

The announcement comes just days after US President Donald Trump unveiled an unprecedented deal involving a fifth of Venezuela's oil reserves, with the American government taking an equity stake in a private oil firm operating there.