Stocks
Chevron Doubles Down on Venezuela Oil Production
Chevron has reached an agreement to expand its oil production in Venezuela.
The deal, which will more than double Chevron's current output, involves a joint venture with the company holding a 49 percent interest.
The effort is expected to cost over $7 billion over five years and will see Chevron assigned additional acres in the Orinoco Belt, an area known for its heavy crude oil reserves.
Chevron's CEO, Mike Wirth, stated that the company's expanded position reflects its confidence in Venezuela's deep resource potential.