Stocks
Chevron Doubles Down on Venezuela Oil Expansion
Chevron plans to more than double its oil production in Venezuela over the next five years through a $7 billion investment, strengthening its position in the country.
The company's CEO, Mike Wirth, said the investment will support low-cost oil growth, energy supply, and long-term value.
Chevron is the only US oil company with a major presence in Venezuela, and the expansion is seen as a major win for the Trump Administration.
According to the company, it has been given additional land in the Orinoco Belt, where it already has operations, allowing it to increase production to about 600,000 barrels a day.