Chevron aims to double Venezuela oil output in five years

Chevron, the American company, announced that it has acquired rights to two new oil fields in the Orinoco region of Venezuela. The company plans to double its production to approximately 600,000 barrels per day over the next five years, as part of its efforts to capitalize on the country's vast oil reserves. This move follows statements by the U.S. Energy Secretary confirming that agreements with foreign oil companies will lead to more than doubling Venezuelan oil production in the coming years, despite a significant decline in output since its peak in the 1990s due to economic and political challenges.

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