U.S. oil major Chevron announced a significant expansion of its operations in Venezuela, with plans to invest over $7 billion through its joint ventures in the country. The investment aims to double oil production to approximately 600,000 barrels per day over the next five years.
The deal provides Chevron with additional acreage in the Orinoco Belt, a region with vast petroleum resources. This move deepens Chevron's century-long presence in Venezuela, which holds the world's largest proven oil reserves but has suffered from years of underinvestment and sanctions that have crippled its output. The agreements include enhanced fiscal and legal terms to safeguard the long-term investment.
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