Chevron Commits Big in Venezuela with $7 Billion Investment Plan

Chevron has announced plans to invest over $7 billion in Venezuela's energy sector over the next five years. This move comes after a landmark agreement between the US and Venezuela, which saw Washington take majority control of approximately 65 billion barrels of the country's oil reserves.

The investment plan aims to increase production at Chevron's three joint ventures in Venezuela, which have already seen a 15% output growth this year. Chevron CEO Mike Wirth said that the company's expanded position in Venezuela reflects its confidence in the country's resource potential and ability to compete for investment within its portfolio.

The US government has pushed for a $100 billion recovery plan for Venezuela's energy sector, which has prompted US oil companies to invest in the country. Chevron's move gives it a stronger presence in Venezuela, where it has operated for over 100 years alongside other major oil producers such as ExxonMobil and ConocoPhillips.