From New York: Chevron's plans involve a significant investment in Venezuela. The company will spend over $7 billion in the next five years. Production is expected to more than double, reaching around 600,000 barrels daily.

This expansion is part of a joint venture. Chevron has been given more land in the Orinoco Belt, where it already operates.

Further information on Chevron's plans and the joint venture can be found through the company's statement, which expresses confidence in Venezuela's resource potential.