Chevron Doubles Down on Venezuela with $7B Investment
Chevron is expanding its operations in Venezuela after striking an oil deal with the US. The company will invest $7 billion over five years to expand production to approximately 600,000 barrels of oil per day.
The move comes despite concerns about political and economic uncertainty in the country. Chevron CEO Mike Wirth said the expansion reflects the company's confidence in Venezuela's resource potential and its ability to compete for investment.
The deal was announced just days after the US and Venezuela agreed to a joint venture to develop 17 oil fields with an estimated 65 billion barrels of oil. The Trump administration has encouraged American oil companies to invest in Venezuela's operations.
Experts warn that restoring Venezuela's oil production will take time and effort, citing corruption, low oil prices, and disrepair at the country's facilities.