Chevron Doubles Down on Venezuelan Oil Amid US Access Deal

Chevron is expanding its presence in Venezuela, the Houston-based oil company announced on Wednesday. The move comes days after the U.S. and Venezuela struck a deal that grants American companies access to 65 billion barrels of oil.

The company will expand its operations in the Orinoco Belt, where much of Venezuela's oil reserves lie. Chevron CEO Mike Wirth stated that the expansion reflects the company's confidence in Venezuela's deep resource potential and its ability to compete for investment within their portfolio for decades.

Chevron is investing over $7 billion over the next five years as part of a joint venture with other companies. This will expand production to approximately 600,000 barrels of oil per day.