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Chevron Expands Operations in Venezuela Amid US Oil Deal

Guavy AI Editorial Team
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CVX
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Chevron is expanding its operations in Venezuela after the US and Venezuela struck an oil deal.

The Houston-based company will expand its footprint at the Orinoco Belt, where much of Venezuela's oil reserves lie.

'Today is a transformative day,' said US Secretary of Energy Chris Wright. 'The catalyst for transforming Venezuela is energy.'

Chevron will invest over $7 billion over five years as part of a joint venture, expanding its production to approximately 600,000 barrels of oil per day.

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