American oil company Chevron plans to invest $7 billion in the development of Venezuela's oil fields. The U.S. Secretary of Energy has already arrived in the country to discuss the details of the deal. This information was reported by Bloomberg agency.
This level of investment will be record-breaking as part of a program initiated by U.S. authorities aimed at restoring the country's oil sector. With this investment, Chevron intends to more than double its daily production volume, reaching 600,000 barrels by 2031.
It was previously reported that U.S. Secretary of Energy Chris Wright traveled to Venezuela to negotiate the oil deal. A representative of the U.S. administration confirmed to reporters that Chevron will officially announce the expansion of its operations in this Latin American country.
Venezuela ranks first in the world in terms of proven oil reserves, with over 300 billion barrels, but current oil production figures are relatively low. Chevron, the second-largest U.S. oil producer, was the only foreign company with permission to develop oil fields in Venezuela until the arrest of the country's president Nicolás Maduro by U.S. forces in January. The company's presence in the local market has lasted for more than half a century.
