Chevron (CVX.N) plans to invest $7 bln over the next five years to raise its
Venezuelan oil production to more than double current levels, the company said.
Chevron has secured rights to develop two large Orinoco Belt fields, Carabobo-1
and Carabobo-2-South-A, adjacent to the Petroindependencia joint venture in
which it holds a 49% stake. The company said this is the largest capital inflow
to Venezuela's oil sector since the US-led effort to revive the industry. CEO
Mike Wirth said the fields contain billions of barrels of resources.
