Chevron Commits $7 Billion to Venezuela Amid Growing US Investment

Chevron has agreed to updated terms for its joint ventures in Venezuela and plans to invest over $7 billion in the next five years. The expansion is a significant move for the company, which has operated in Venezuela since 1923.

The investment will support production growth at Chevron's three Venezuelan joint ventures, which have increased output by 15% so far this year. Total costs are expected to remain below $20 per barrel, according to the company.

Chevron CEO Mike Wirth said, 'Chevron's history in Venezuela spans more than a century, and our expanded position reflects our confidence in the country’s deep resource potential and its ability to compete for investment within our portfolio for decades.'