Chevron Doubles Down on Venezuela Oil Expansion

Chevron is expanding its operations in Venezuela, just days after President Donald Trump announced a deal to develop the nation's oil reserves and give the Pentagon a stake in the profits.

The company has been assigned additional acreage in the Orinoco Belt, where it already has an established position. Chevron said it will invest more than $US7 billion over the next five years as part of a joint venture that aims to double production to approximately 600,000 barrels a day compared to 2026.

Chevron's history in Venezuela spans over a century, and CEO Mike Wirth said the company is strengthening its portfolio with improved terms and additional acreage. The investment will support energy supply and create long-term value, he added.