Chevron Pumps $7 Billion into Venezuela Amid Oil Deal with US

Chevron has announced plans to expand its operations in Venezuela, investing over $7 billion in the next five years.

This move comes after the US and Venezuela struck an oil deal on Friday, granting the US access to 65 billion barrels of oil.

The expanded position reflects Chevron's confidence in Venezuela's deep resource potential, according to CEO Mike Wirth.

Chevron will expand its operations in the Orinoco Belt, where much of Venezuela's oil reserves lie, and plans to increase production to approximately 600,000 barrels of oil per day.