Chevron Drops $7 Billion on Venezuela Oil Output

Chevron plans to invest $7 billion over five years to more than double its oil production in Venezuela, as part of a US government-led effort to revive the country's industry.

The Houston-based company won the right to develop two giant oil fields, Carabobo 1 and Carabobo-2-South-A, located in the Orinoco Belt's Carabobo area. The fields are next to Chevron's existing Petroindependencia joint venture, where it has a 49% stake.

This investment marks the largest financial commitment so far in the US-led push to revive Venezuela's oil industry. Chevron's move comes after Bloomberg News reported its bid for the two fields earlier this week.