Chevron plans $7B investment to boost Venezuela oil output

Chevron, an American company, has announced an investment of over 7 billion dollars in Venezuela over five years, aiming to expand its oil production to around 600,000 barrels per day, which is more than double its current level. The plans include updating the terms of its joint ventures and increasing exploration areas in the Orinoco Belt, the world's largest heavy crude oil region. This step is part of U.S. efforts to revitalize the Venezuelan oil sector, attract new investments, and exploit its vast reserves, with expectations that production costs will remain below $20 per barrel, thereby enhancing the appeal of investing in the country.

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