Chevron expands Venezuela bet with $7 billion plan to double output in five years

Following the U.S. capture and removal of Venezuelan President Nicolas Maduro from office in January, U.S. President Donald Trump has pushed a $100 billion reconstruction plan for Venezuela's energy sector, urging U.S. oil companies to invest in the country.

While Chevron's Venezuela operations have continued uninterrupted for at least 100 years, fellow oil producers ExxonMobil XOM.N and ConocoPhillips COP.N have remained on the sidelines.

Both companies exited the country in 2007 when their assets were nationalized under the previous government of President Hugo Chavez.

Chevron said the investment would support production growth at its three Venezuelan joint ventures, which have increased output by 15% so far this year. Total costs are expected to remain below $20 per barrel, the company said.

Chevron's Petroindependencia joint venture, in which it holds a 49% stake, received rights to develop two new areas in Venezuela's Orinoco Belt, expanding its operations in the region.