Chevron Commits $7 Billion to Venezuela Energy Expansion

Chevron has finalized updated terms for its joint ventures in Venezuela, committing to invest more than $7 billion over the next five years.

The investment will support production growth at Chevron's three Venezuelan joint ventures, which have seen a 15% increase in output so far this year.

Total costs are expected to remain below $20 per barrel, according to Chevron. The expansion is part of the company's efforts to boost production in Venezuela's Orinoco Belt, where it has secured additional acreage.