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    "headline": "Chevron plans $7 billion Venezuela investment to more than double oil production to 600,000 bpd",
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    "prose": "Chevron announced plans to invest $7 billion in Venezuela to more than double its oil production in the country over the next five years. [^1]\n\nMike Wirth, CEO and chairman of Chevron, stated on 2026-04-12 that there have been important changes in dispute resolution provisions and economic contract structures for investing in Venezuela under the interim government of Delcy Rodriguez. [^2]\n\nChevron CEO Mike Wirth said in a statement that with improved terms and additional acreage, the company is strengthening a portfolio that can deliver attractive low-cost oil growth, support energy supply, and create differentiated long-term value. [^3]\n\nChevron has been assigned two additional oilfields in the Orinoco Belt, the region containing most of Venezuela's extra heavy crude reserves. [^4]\n\nChevron plans to increase its oil production in Venezuela to 600,000 barrels per day, up from around 280,000 barrels per day currently. [^5]\n\nMike Wirth and US Energy Secretary Chris Wright visited Venezuela on 2026-04-12 with expectations of signing a new contract for Chevron in the Orinoco belt. [^6]\n\nMike Wirth stated on 2026-04-12 that the cost of a barrel of oil from the project would be inferior to $20 per barrel. [^7]",
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      "statement": "Chevron announced plans to invest $7 billion in Venezuela to more than double its oil production in the country over the next five years.",
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