Chevron Commits $7B to Boost Venezuelan Oil Output

Chevron plans to invest more than $7 billion in Venezuela over the next five years as part of its efforts to boost production at three joint ventures.

The company has already seen a 15% increase in output this year and aims to reach around 600,000 barrels per day.

Chevron's investment will go towards revising terms for its Venezuelan joint ventures, including access to additional acreage in the Orinoco Belt.

The new agreements come after months of negotiations with Venezuela, separate from a recent deal between the US and Venezuela that granted Washington majority control over 65 billion barrels of oil reserves.