Chevron Doubles Down on Venezuelan Oil, Invests $7 Billion Over Five Years

US energy giant Chevron has secured new investment terms in Venezuela's oil sector. The agreements will allow the company to invest over $7 billion in the country over the next five years, more than doubling production from its joint ventures to around 600,000 barrels per day.

The expanded operations reflect Chevron's confidence in Venezuela's oil resources and potential for long-term investment, according to Chairman and Chief Executive Mike Wirth. He thanked the US administration, particularly the Department of Energy and Secretary Chris Wright, for helping create conditions for further investment and growth.

Eni, an Italian energy company, has also signed a 25-year production agreement with Venezuela's state-owned PDVSA to develop the Junín-5 oil field in the Orinoco Belt. The giant field holds about 35 billion barrels of certified oil in place and currently produces around 12,000 barrels per day.