Chevron has announced its intention to significantly boost its oil production efforts in Venezuela. This move comes as the company prepares to compete with a substantial new oil initiative facilitated by the Trump administration and a local Venezuelan competitor.

On Wednesday, Chevron disclosed that it has secured agreements in Venezuela to expand its operations. The company aims to double its crude production in the region, planning to increase output to 600,000 barrels per day within five years. This amount represents roughly half of all oil currently exported from Venezuela.

To achieve these ambitious goals, Chevron plans to invest $7 billion in its Venezuelan operations.