Chevron Commits $7 Billion to Double Venezuelan Oil Production

Chevron has pledged to invest $7 billion in its Venezuelan oil projects, aiming to double current production by 2031.

The company's chairman and CEO, Mike Wirth, said Chevron is confident in Venezuela's deep resource potential and has increased its ownership stake in a joint venture with Petróleos de Venezuela (PDVSA) to 49%.

Chevron will exploit new oil fields in the Orinoco Belt, which produces tar-like oil at a cost of less than $20 per barrel, compared to around $90 for US oil.

The company expects to produce around 600,000 barrels per day from its Venezuelan projects within five years, up from about 300,000 today.