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Chevron and Eni to expand Venezuela oil projects
American oil company Chevron and Italian company Eni signed agreements with Venezuela regarding significant expansions in oil projects aimed at increasing the country's oil production, which currently stands at around 1.25 million barrels per day and is well below its peak of 3 million barrels in the 1990s. The agreements focus on expansions of projects that were under negotiation with the national oil company, PDVSA, and are part of oil reforms approved since January. These projects, coinciding with a $100 billion investment plan, seek to revive Venezuela's struggling oil sector and boost production, which has declined due to lack of investment, mismanagement, and U.S. sanctions. The CEOs of both companies emphasized the importance of oil barrels in achieving success after years of major companies withdrawing due to previous nationalizations.
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