Stocks
Chevron Doubles Down on Venezuelan Oil Operations with $7 Billion Investment
Chevron has been assigned two additional oilfields in the Orinoco Belt, the region that contains most of Venezuela's vast reserves of extra-heavy crude oil.
The company plans to increase production in the country to 600,000 barrels per day by 2031 compared with about 280,000 bpd currently.
Chevron will invest $7 billion over five years to achieve this goal, more than doubling its current production levels.