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Chevron Unveils $7 Billion Plan to Revitalize Venezuelan Oil Industry

Guavy AI Editorial Team
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CVX
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Chevron is investing $7 billion in Venezuela over five years to boost oil production, aiming for 600,000 barrels per day.

The move follows an agreement with President Donald Trump's administration to develop Venezuela's oil reserves and give the Pentagon a stake in profits.

Chevron has operated in Venezuela since 1923 and currently produces just over 1 million barrels per day due to severely degraded energy infrastructure and international sanctions.

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