Chevron Doubles Down on Venezuelan Oil Expansion
US oil giant Chevron has confirmed it will expand its operations in Venezuela. According to the company, it has been assigned additional acreage in the Orinoco Belt and plans to invest more than $7 billion over the next five years.
The goal is to more than double production from its current level of around 200,000 barrels a day to approximately 600,000 barrels per day. Chevron has had a presence in Venezuela since 1923 and currently operates joint ventures with Petroindependencia and Petropiar S.A.
The expansion comes as the US government announced plans to develop Venezuela's oil reserves under President Donald Trump's ambitious deal. The agreement aims to increase confidence for private businesses to invest in Venezuela, but has been met with skepticism from analysts who say it will take years to revive the country's oil industry.