Chevron Digs Deep into Venezuela with $7 Billion Bet on Oil

Oil giant Chevron is making a massive bet on Venezuela's oil industry by investing $7 billion over five years, aiming to double its output to 600,000 barrels per day.

This move comes after the US military operation that captured President Maduro in January and the subsequent modernization of Venezuela's oil laws by the interim government under Delcy Rodríguez.

Under the new terms, Chevron gets access to new operational acreage, enhanced fiscal protections, and production costs projected to stay below $20 per barrel. This makes the extra-heavy crude highly competitive within Chevron's global portfolio.

The company stands alone as the only major US oil producer willing to scale up operations in Venezuela right now, with ExxonMobil labeling the nation 'uninvestable' due to high risks and potential for bureaucratic gridlock.