Chevron Drops $7 Billion in Venezuela for Crude Oil Boost

Chevron, an American oil company, has announced a significant investment in Venezuela to increase its crude oil production. The company will invest more than $7 billion over five years to develop two new fields in the Orinoco Oil Belt.

The investment aims to more than double Chevron's current production capacity from approximately 280,000 barrels per day to around 600,000 barrels per day.

Chevron CEO Mike Wirth stated that the company has been operating in Venezuela for over a century and sees potential for 'decades' of further investment due to the country's 'deep resource potential.'