Chevron Doubles Down in Venezuela with $7 Billion Investment

Chevron is expanding its operations in Venezuela, a move that comes just days after the US and Venezuela reached an oil deal. The Houston-based company will invest over $7 billion over the next five years as part of a joint venture to expand its production to approximately 600,000 barrels of oil per day.

The expansion is set to take place in the Orinoco Belt, where much of Venezuela's oil reserves lie. Chevron CEO Mike Wirth said the deal reflects progress toward a more competitive and durable framework for long-term investment. He added that it creates an opportunity to unlock growth and development.

Other US oil companies have previously expressed hesitation about re-entering Venezuela after leaving decades ago. However, Chevron has maintained its presence in the country since the 1920s and stayed even after the nationalization of the oil industry in 1976.