Chevron to Fund $7 Billion Venezuela Oil Expansion

Chevron Corp. will fund a $7 billion expansion of its oil operations in Venezuela to double production to over 600,000 barrels a day within the next five years. Chief Executive Officer Mike Wirth announced the plan at the University of Texas Energy Symposium, detailing a strategy to use profits generated by the company's three joint ventures in the country to finance the growth.

Wirth stated that the company will not utilize outside cash injections for the expansion, noting that the firm will live within the means of the ventures' ability to generate cash. This conservative approach follows Venezuela's history of nationalizing its oil industry.

According to Wirth, Chevron requires evidence that the investment environment has improved before committing central funds to the region. He specifically highlighted the need for elections and outcomes that the world supports as a prerequisite for further financial commitment.