Chevron to Expand Venezuela Activities

Chevron is expanding its operations in Venezuela through new agreements that involve over $7 billion in investment over five years, aiming to more than double production to approximately 600,000 barrels per day while maintaining low costs. The company’s joint ventures are expected to increase output and access additional oil fields in Venezuela’s Orinoco Oil Belt. This move follows a shift in U.S.-Venezuela relations and recent U.S. agreements granting long-term oil concessions in the country.

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