Chevron Pours $7 Billion into Venezuelan Oil Sector Amid US Revival Efforts

Chevron has invested $7 billion in Venezuela's oil sector through its joint ventures. The investment aims to increase production from 240,000 barrels per day in January to over 600,000 barrels per day by reaching new targets.

The company's statement highlights the expansion of its positions in the Orinoco belt, with Petroindependencia obtaining development rights over new areas. Chevron holds a 49% stake in Petroindependencia and has already increased production in the country.

The U.S. Secretary of Energy, Chris Wright, visited Caracas on Tuesday, as part of meetings following a separate agreement that could give Washington control of one-fifth of Venezuela's oil reserves. He stated that several agreements would be announced on Wednesday, resulting in more than a doubling of Venezuela's oil production.