Chevron Invests $7 Billion in Venezuelan Oil Operations
Chevron has announced plans to expand its operations in Venezuela, marking a significant move for the company and the country's oil industry. The Houston-based company will invest over $7 billion in the next five years as part of a joint venture, aiming to increase production to approximately 600,000 barrels of oil per day.
The expansion comes after the US and Venezuela struck an agreement on Friday, granting the US access to 65 billion barrels of oil. Chevron CEO Mike Wirth stated that the company's expanded position reflects its confidence in Venezuela's deep resource potential and ability to compete for investment within its portfolio for decades.
While other US oil companies have expressed hesitation about re-entering Venezuela due to political and economic uncertainty, Chevron has chosen to invest in the country. The deal also comes as President Trump has encouraged American oil companies to invest in Venezuela's oil operations.