Chevron commits $7B to Venezuela as US pushes for oil revival

Chevron has announced plans to invest $7 billion in Venezuela over the next five years, aiming to increase oil production from its joint ventures in the country to around 600,000 barrels per day.

The company's CEO, Mike Wirth, stated that improved economic and legal conditions have made it more attractive for Chevron to invest in Venezuela. 'It's more economic' and 'there are very strong legal protections in Venezuela', he said.

This investment is part of a broader effort by the US government to revive Venezuela's oil sector, with President Donald Trump pushing a $100 billion reconstruction plan for the country's energy sector. Chevron's expansion is separate from this arrangement but aligns with the initiative.