Chevron Increases Investments in Venezuela

Chevron plans to increase oil production in Venezuela and intends to invest more than $7 billion in the country over the next five years.

The company wants to boost daily production to around 600,000 barrels, nearly double the current figure. The investments will go toward Chevron's joint ventures operating in Venezuela. The plan also covers the Orinoco region, where two new areas will be added to the company's Petroindependencia project.

Besides Chevron, other international energy companies have also shown interest. This is being encouraged by the fact that the US is gradually shifting its policy toward Venezuela's oil sector.

Venezuela holds very large oil reserves, but years of underinvestment and outdated production facilities have hindered extraction.

Source: Reuters