Chevron announced on September 2 that it plans to invest more than $7 billion over the next five years to double its oil production in Venezuela to approximately 600,000 barrels per day. ^[1] Chevron Corp. agreed on updated terms for its joint ventures in Venezuela and plans to invest more than $7 billion over the next five years. ^[2] Under the new agreements, Chevron's joint venture Petroindependencia, in which it holds a 49% stake, obtained licenses to exploit two additional oil fields named Carabobo 1 and Carabobo 2 Sur. ^[3] US Energy Secretary Chris Wright finalized a historic agreement in Caracas that cedes a fifth of Venezuela's estimated 300 billion barrel oil reserves to the United States. ^[4] Chevron secured rights to develop two major oil fields in Venezuela's Orinoco Belt, named Carabobo 1 and Carabobo-2-South-A. ^[5] Chevron targets oil production of about 600,000 barrels per day through the new investment. ^[6] The Trump administration is seeking to deepen US involvement in Venezuela's oil industry, with Washington separately negotiating potentially taking significant stakes in the country's oil fields. ^[7] Chevron CEO Mike Wirth stated that the new portfolio of fields strengthens oil supply and creates differentiated long-term value. ^[8]