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The oil major plans to raise its Venezuela output to 600,000 barrels per day from around 280,000 bpd currently
Chevron Corporation, one of the world's largest oil and gas companies, traces its roots to a California oil firm founded in 1879 and now operates across more than 180 countries.
Chevron $CVX announced Wednesday that it will invest more than $7 billion in Venezuela over the next five years, a commitment the company says will more than double its oil production in the country.
As part of the agreement, Chevron is receiving new acreage in the Orinoco Belt, a region where the company has long operated alongside state oil firm PDVSA through a series of joint ventures. The company's target output is roughly 600,000 barrels per day, more than twice its current rate of about 280,000 bpd, the company said.
