Chevron Commits $7 Billion to Venezuelan Energy Sector

Chevron has agreed to updated terms for its joint ventures in Venezuela and plans to invest over $7 billion over the next five years, targeting production of about 600,000 barrels per day (bpd).

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

Chevron has operated in Venezuela since 1923 and currently holds a significant position in the country's energy sector. The expanded acreage and improved terms give Chevron a larger position in Venezuela as it seeks to increase production from the country's vast extra-heavy crude resources.