Chevron Invests $7 Billion to Double Venezuela Oil Output

Chevron has announced a major deal to boost oil production in Venezuela, investing US$7 billion to develop two additional fields in the Orinoco Belt.

The Petroindependencia joint venture will see Chevron's stake rise from 36% to 49%, lifting output to around 600,000 barrels per day within five years.

Chevron CEO Mike Wirth said the company has been present in Venezuela for over a century and believes the country's resources could support decades of further investment.