Chevron Doubles Down on Venezuela Amid New Oil Deal
Chevron is expanding its presence in Venezuela, where it has been operating since the 1920s. The move comes after the US and Venezuela struck an oil deal on Friday, which will give the US access to 65 billion barrels of oil.
The Chevron expansion will focus on the Orinoco Belt, which holds much of Venezuela's oil reserves. The company plans to invest over $7 billion in a joint venture over the next five years, with the goal of increasing production to approximately 600,000 barrels per day.
US Secretary of Energy Chris Wright said that energy is 'the catalyst for transforming Venezuela' and improving life conditions around the world. Chevron CEO Mike Wirth stated that the deal reflects progress toward a more competitive framework for long-term investment.