Chevron Doubles Down on Venezuela Oil Production

Chevron has reached a deal to expand oil production in Venezuela, doubling current output and increasing it to approximately 600,000 barrels per day.

The agreement is seen as a significant step for Chevron's operations in Venezuela, where the company has been present for over a century.

'Chevron's history in Venezuela spans more than a century, and our expanded position reflects our confidence in the country's deep resource potential and its ability to compete for investment within our portfolio for decades,' said Chevron CEO Mike Wirth.