Chevron plans to invest $7 billion over five years to expand oil production in Venezuela

Chevron (CVX.US) plans to invest $7 billion over the next five years to more than double its oil production in Venezuela. This will be the largest capital injection since the U.S. government-led initiative to revive Venezuela's oil industry began. In a statement on Wednesday, Chevron announced that it has obtained the rights to develop two major oil fields in the resource-rich Carabobo area of the Orinoco Belt. These fields are Carabobo 1 and Carabobo-2-South-A, both located near the Petroindependencia joint venture, in which Chevron holds a 49% stake. Chevron CEO Mike Wirth stated: "We are building a very strong business presence in an area considered to have some of the best geology in the country. The resources contained in these oil fields reach into the billions of barrels."