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Chevron announced a $7 billion deal with Venezuela on Wednesday to develop two additional oil fields in the country's Orinoco Belt, expected to more than double output in five years.The Petroindependencia joint venture, in which the US oil giant has a 49-percent stake, will develop two new areas of the oilfield near existing work in Venezuela's heavy-oil Orinoco Belt, lifting output to around 600,000 barrels a day, according to a Chevron press release.

Chevron (NYSE:CVX) said Wednesday it had agreed updated terms for its joint ventures in Venezuela and plans to invest more than $7 billion in the country over the next five years. The company said the investment is intended to support an increase in production to approximately 600,000 barrels per day.

Investing.com -- Chevron said Wednesday it has reached updated terms with Venezuela for its joint ventures in the country and will invest more than $7 billion over the next five years, aiming to lift production to about 600,000 barrels per day.

Chevron is expected to announce an expansion of its Venezuelan operations on Wednesday, hours after the country's parliament approved handing Washington control of a fifth of its oil reserves and as US Energy Secretary Chris Wright arrives to sign the agreement.View on euronews

Oil prices were jumping higher after the U.S. military intercepted Iranian ballistic missiles aimed at American forces in Jordan. Shortly after the attack, the U.S. and Saudi Arabia launched strikes in Iraq against Iran-backed groups that the Islamic Revolutionary Guard Corps previously directed to attack American troops and Saudi energy infrastructure. The escalation in hostilities hit market hopes that the vital Strait of Hormuz waterway would reopen.

Chevron (NYSE:CVX) has launched a new business with GE Vernova and Microsoft to supply natural gas power to AI data centers. The company has also signed a five year extension to supply natural gas to Alinta Energy in Western Australia. Chevron is best known for its oil and gas production. This new move into powering AI data centers links its existing natural gas operations with a fast growing digital infrastructure sector. The partnership with GE Vernova and Microsoft positions Chevron...

The oil and gas giant is teaming with GE Vernova to power next-generation AI data centers.

The Nasdaq Composite and S&P 500 were down, while the Dow Jones Industrial Average was up in late-mo