Chevron to Expand Venezuelan Operations, Invest $7 Billion
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Chevron Corp. is finalizing a deal to significantly expand its operations in Venezuela by adding two giant oil fields in the Orinoco Belt. The Texas oil company has negotiated operating rights to the fields that hold billions of barrels of heavy oil reserves. The deal, expected to be the largest of several agreements announced in the coming days, is separate from negotiations for the US government to take a direct stake in oil fields. Chevron plans to invest $7 billion over the next five years to double its production in Venezuela.
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