Chevron Invests $7 Billion in Venezuela to Double Oil Output

Chevron has announced a major expansion deal to boost its crude oil production in Venezuela. Over the next five years, the US-based energy giant will invest $7 billion to more than double its output. The agreement updates the terms of Chevron's joint ventures with PDVSA, Venezuela's state-run oil company.

The new deal aims to make extracting Venezuelan crude a competitive and cost-effective venture. According to Chevron CEO Mike Wirth, total extraction and operational costs are projected at less than $20 per barrel.