Chevron Doubles Down on Venezuela Oil Deal

Chevron is expanding its operations in Venezuela, just days after the U.S. and Venezuela struck an oil deal. The Houston-based company will invest over $7 billion over the next five years to expand its production to approximately 600,000 barrels of oil per day.

This comes as part of a joint venture with Chevron's expanded position in the Orinoco Belt, where much of Venezuela's oil reserves lie. Chevron is the largest foreign oil operator in Venezuela and has been present in the country since the 1920s.

While other U.S. oil companies have expressed hesitation about re-entering Venezuela due to its unstable political and economic situation, Chevron CEO Mike Wirth stated that the company's expanded position reflects its confidence in Venezuela's deep resource potential and ability to compete for investment within their portfolio for decades.