Chevron Delves into Venezuela's Oil Reserves with $7B Investment

Chevron is expanding its operations in Venezuela with a $7 billion investment plan. The U.S. oil major aims to double crude output to around 600,000 barrels per day over the next five years.

The company's Petroindependencia joint venture will expand into two new areas in the Carabobo region of the Orinoco Belt.

Chevron CEO Mike Wirth stated that the expansion reflects the company's confidence in Venezuela's deep resource potential and its ability to compete for investment within their portfolio.

The announcement comes days after U.S. President Donald Trump unveiled a deal involving a fifth of Venezuela's oil reserves, with the American government taking an equity stake in a private oil firm operating there.