Chevron (CVX.US) to invest $7 billion more in Venezuela, crude oil output expected to double

According to Zhihu Finance APP, US energy giant Chevron (CVX.US) announced on Wednesday that it plans to invest $7 billion through a joint venture over the next five years to more than double its crude oil production in Venezuela to 600,000 barrels per day. This will be one of the largest investment commitments made by an international oil company in Venezuela in recent years, and also marks the further consolidation of Chevron’s dominant position in the country’s oil sector.