Chevron plans to more than double its oil production in Venezuela over the next five years through a $7 billion investment. The American oil major will increase its production to 600,000 barrels per day, compared with approximately 280,000 barrels currently, by developing two new oilfields in the Orinoco Belt. This announcement comes as the U.S. government pushes to increase oil production in Venezuela through private investment. Washington has secured majority control over 65 billion barrels of Venezuelan crude oil reserves, approximately 20% of the country’s estimated 303 billion barrels.
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