Chevron to self-fund $7B Venezuela expansion from local oil profits

Chevron's CEO confirmed that its $7 billion expansion in Venezuela will be financed entirely from profits generated by its existing crude operations in the country, avoiding external capital injections. This signals confidence in the stability of its Venezuelan operations under current sanctions framework, but the funding model exposes the project to oil price volatility and local operational risks. The move underscores Chevron's deepening bet on Venezuela's oil sector despite geopolitical uncertainties.