Chevron plans to double oil production in Venezuela with $7 billion investment

TL;DR

Chevron will invest $7 billion in Venezuela over the next five years.
The investment aims to double oil production to 600,000 barrels a day.
Chevron received additional acreage in the crude-rich Orinoco Belt region.
The company has operated in Venezuela since 1923.
Venezuela holds the world's largest proven oil reserves.
Experts believe meaningful new oil output will take years due to infrastructure issues.
A White House-backed deal involves North American Blue Energy Partners (NABEP) operating 17 oil fields.

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