Chevron Commits $7B to Venezuela Amid New US-Led Oil Deal

Chevron has reached updated terms with Venezuela for its joint ventures in the country and will invest more than $7 billion over the next five years. The move aims to lift production to about 600,000 barrels per day. This investment comes after months of separate negotiations from Washington's recent announcement of a deal giving the U.S. majority control over roughly 65 billion barrels of Venezuelan oil reserves.

The agreements come after President Trump said last week that the U.S. had struck a deal with Venezuela to secure control of a large share of the country's oil reserves. Chevron has kept operating in Venezuela for more than a century, while ExxonMobil and ConocoPhillips have stayed out of the country since exiting in 2007, when their assets were nationalized under Hugo Chavez.

Chevron CEO Mike Wirth said that '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.'