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.
