Chevron's Venezuelan Gambit: A Calculated Bet on a Volatile Market The news that Chevron Corporation has expanded its operations in Venezuela, despite the country's ongoing economic and political turmoil, has sent shockwaves through the energy market.
As part of a sweeping agreement between the US and Venezuela, Chevron will develop 17 oil fields with a proven potential of 65 billion barrels, securing for itself an ownership stake and rights to buy oil at cost.
Chevron's involvement in Venezuela is not new, but the scale of its investment is significant.