Chevron Doubles Down on Venezuelan Oil

Chevron, one of the largest US oil companies, has announced plans to expand its operations in Venezuela. The company will invest over $7 billion over the next five years to increase production from approximately 600,000 barrels a day by 2026.

Venezuela holds the world's largest proven reserves, with over 303 billion barrels of crude oil. Despite this, the country's daily production is just over 1 million barrels due to its severely degraded energy infrastructure and international sanctions.

Chevron has a long history in Venezuela, dating back to 1923. The company currently operates joint ventures in the Orinoco Oil Belt through Petroindependencia and Petropiar S.A., as well as another project in western Venezuela through Petroboscan, S.A.