Energy firms commit to expand oil projects in Venezuela
International energy firms including Chevron and Eni have committed to project expansions in Venezuela. The agreements aim to boost oil output following a signing ceremony overseen by officials.
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CHEVRON CORP will invest more than $7B to double its output in Venezuela to 600,000 bpd over the next five years. The expansion is part of a broader push by international energy firms to revive the nation's struggling oil sector. United States and Venezuelan officials oversaw the signing ceremony in Caracas on Wednesday.
