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00:02Chevron plans to invest $7 billion in Venezuela over the next five years to more than double its
00:07oil production in the country, according to CNBC. The company plans to increase output from about
00:13280,000 barrels per day to 600,000 barrels per day after receiving two additional oil fields in
00:19the Orinoco Belt. Chevron is the only U.S. oil major operating in Venezuela through joint ventures
00:25with state-owned PDVSA. The expansion comes as the U.S. government pushes for greater private
00:31investment in Venezuela's oil industry. President Trump said Friday that the U.S. secured majority
00:37control over 65 billion barrels of the country's crude reserves. Chevron shares rose less than
00:441% in pre-market trading Wednesday. For all things money, visit Benzinga.com.
