Chevron Commits $7 Billion to Double Venezuelan Oil Production

Chevron has committed $7 billion over five years to joint ventures in Venezuela, aiming to double the country's oil production to around 600,000 barrels a day.

The investment is part of Chevron's expansion plans in Venezuela, which has seen its national production fall from 3.2 million barrels per day in 1997 to about 1.2 million today.

Chevron CEO Mike Wirth said the company had 'been a part of Venezuela's past for more than a century' and was ready to help the country 'build a better future while strengthening U.S. energy and regional security.'