Duh!!!
Venezuela: Chevron to invest $2 billion in field
The Associated Press
Last modified: 2012-07-19T01:03:20Z
Published: Wednesday, Jul. 18, 2012 - 6:03 pm
Copyright 2012 . All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
CARACAS, Venezuela -- Venezuela's state oil company says U.S. oil giant Chevron Corp. plans to invest $2 billion to boost petroleum production at a Venezuelan oil field.
The state-run PDVSA says Chevron is seeking to increase output from the Boscan oil field in the western state of Zulia.
San Ramon, California-based Chevron is a minority shareholder in Petroboscan, a joint venture with PDVSA that produces 115,000 barrels of oil a day.
PDVSA announced Chevron's investment plan Wednesday.
Venezuela is Latin America's largest oil producer and a major supplier to the United States.