Chevron Delves into Venezuela with $7 Billion Oil Investment

Chevron has pledged to invest $7 billion in its Venezuelan oil projects, aiming to double its current production by 2031.

The move is a long-expected decision, despite President Donald Trump's calls for US oil companies to take advantage of the country's new leadership under interim President Delcy Rodríguez.

Chevron now owns 49% of its joint venture with Petróleos de Venezuela, S.A (PDVSA), and expects to produce around 600,000 barrels a day from its Venezuelan oil projects in five years, up from about 300,000 today.

The company's chairman and CEO, Mike Wirth, said the investment reflects Chevron's confidence in Venezuela's deep resource potential and the dedication of its employees.