Chevron Expands in Venezuela Amid New Oil Deal
Chevron is expanding its operations in Venezuela, just days after the US and Venezuela struck an oil deal. The Houston-based company will expand its presence in the Orinoco Belt, where much of Venezuela's oil reserves lie.
The agreement comes as the US will gain access to 65 billion barrels of oil in Venezuelan fields. Chevron plans to invest over $7 billion over the next five years through a joint venture, which will increase production to approximately 600,000 barrels of oil per day.
US Secretary of Energy Chris Wright said that energy is 'the catalyst for transforming Venezuela' and improving life conditions worldwide. Chevron CEO Mike Wirth described the agreement as an 'important milestone' that creates opportunities for growth and development.