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Chevron to invest $7 billion in Venezuela, expanding output

The plan aims to more than double Chevron’s production in Venezuela, extending the company’s footprint as other Western firms have exited.

Reported · Written up by our desk · Trade & Tariffs

The New York Times Business reports that Chevron, the U.S. energy company that remained active in Venezuela after other Western firms left, is planning a major expansion in the country.

The outlet says Chevron will invest $7 billion, a move designed to more than double its production in Venezuela.

The investment underscores the continued U.S. influence over oil output from a major energy producer, even as competition from other foreign companies has shifted.

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