Chevron Pours $7 Billion into Venezuelan Oil Expansion

Chevron is investing $7 billion in its Venezuelan joint ventures to double oil production to approximately 600,000 barrels per day within five years.

The U.S. oil major will expand Petroindependencia's operations to include two adjacent areas in the Carabobo region of Venezuela's vast Orinoco Belt under new agreements.

Chevron CEO Mike Wirth stated that the company's history in Venezuela spans over a century, and its expanded position reflects confidence in the country's deep resource potential and ability to compete for investment within their portfolio for decades.