On Wednesday, American oil giant Chevron announced plans to expand its operations in Venezuela, allocating 7 billion dollars for this purpose. As part of the development of the joint venture, the company will invest these funds over the next five years. This is expected to more than double the country's oil production, bringing it to approximately 600 000 barrels per day.
This announcement came just hours after Venezuela's parliament approved an agreement to transfer control of a fifth of its oil reserves to Washington. The initiative received political support from the US administration. As a result, Washington will gain control over more than 65 billion barrels of Venezuela's proven oil reserves. This figure represents about one fifth of the country's total proven reserves, which, according to OPEC data, exceed 300 billion barrels.
A representative of Venezuela's leadership, Delcy Rodríguez, noted that the new agreement with the US in the oil sector will be in effect for 25 years. For Chevron, this move is of strategic importance, as it currently remains the only major American oil producer maintaining operations in Venezuela.
