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Venezuela holds more than 300 billion barrels of crude reserves, roughly 20% of the world's total, yet produces around 1% of global output because of twenty-five years of political instability and deteriorating field infrastructure.
Energy Secretary Chris Wright told Fox News Digital that Operation Absolute Resolve, the 30-minute military action on January 3, has cleared the path to close that gap: national Venezuelan energy production will more than double by the end of 2027, Wright projected, speaking on the sidelines of the RNC Midterm Convention in Dallas.
Where Chevron fits in the production stack Chevron is the primary commercial vehicle.
Its press release puts the company's commitment at more than $7 billion over five years, with Venezuelan oil output targeted to more than double to 600,000 barrels per day.
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