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One of the world’s biggest oil companies is making a massive bet on Venezuela.
Chevron announced Wednesday that it plans to invest more than $7 billion in its Venezuelan operations over the next five years, with the goal of more than doubling production to approximately 600,000 barrels of oil per day.
The company has also secured additional areas to develop in Venezuela’s massive Orinoco Belt as part of updated agreements with the country.
Chevron already has a major presence in Venezuela, producing roughly 290,000 barrels per day through three joint ventures.
The new investment would dramatically expand those operations at a time when Venezuela is attempting to rebuild an oil industry that once produced more than 3 million barrels per day.
Despite possessing the world’s largest proven oil reserves, years of underinvestment, sanctions, corruption and deteriorating infrastructure caused Venezuelan production to collapse.
Chevron’s announcement comes just days after the United States and Venezuela announced a much larger agreement involving oil fields containing an estimated 65 billion barrels.
That agreement is separate from Chevron’s expansion, but together they signal just how quickly international investment could begin returning to Venezuela’s energy industry.
For a country whose economy has historically depended heavily on oil, $7 billion from Chevron is more than another corporate investment.
It’s a major vote of confidence in Venezuela’s attempted oil comeback.
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