Chevron Invests $7 Billion in Venezuela Oil Deal

Chevron has made a $7 billion deal with Venezuela to develop two additional oil fields in the Orinoco Belt, more than doubling output in five years. The Petroindependencia joint venture, in which Chevron has a 49-percent stake, will develop two new areas of the oilfield near existing work.

The move is part of an effort to boost investment in Venezuela's oil industry, which has been hampered by US sanctions and internal conflicts. Since January, when US forces captured former Venezuelan president Nicolas Maduro, Chevron has already lifted production in the country.

Chevron CEO Mike Wirth noted that the company has been investing in Venezuela for over a century and sees significant potential for growth. He praised US Energy Secretary Chris Wright's efforts to 'facilitate the conditions for further investment and growth'.