Chevron Doubles Down on Venezuelan Oil Expansion

Chevron is expanding its operations in Venezuela as part of a joint venture with the Venezuelan government. The agreement, announced Wednesday, will see Chevron invest over $7 billion over the next five years to expand its production capacity to approximately 600,000 barrels of oil per day.

The deal comes just days after the US and Venezuela struck an oil deal, giving the US access to 65 billion barrels of oil. This is a significant development for Chevron, which has been one of the largest foreign oil operators in Venezuela since it established its presence there in the 1920s.

US Secretary of Energy Chris Wright hailed the agreement as 'a transformative day' that would unlock growth and development. Chevron CEO Mike Wirth said the deal reflects progress toward a more competitive and durable framework for long-term investment.