Chevron Invests $7 Billion in Venezuela Oil Venture

Chevron has made significant moves to increase its stake in Venezuela's oil industry. The company announced a $7 billion deal with Venezuela on Wednesday, aiming to develop two additional oil fields in the Orinoco Belt.

The new investment is expected to more than double output in five years, lifting it to around 600,000 barrels a day. This move comes after Chevron increased its stake in Petroindependencia by 13.2% in April, exchanging offshore gas extraction rights for other assets with the Venezuelan state oil company PDVSA.

Chevron CEO Mike Wirth stated that the stepped-up investment reflects greater assurances of foreign investment enacted in Venezuela since January. He noted significant changes in dispute resolution provisions and assurances of terms and economics in contracts.