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Chevron Expands in Venezuela Amid Trump-Backed Oil Deal

Guavy AI Editorial Team
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US oil giant Chevron has announced it will expand its operations in Venezuela after President Donald Trump's administration reached an agreement to develop the country's vast oil reserves.

The deal, which includes a 100-year lease on 17 oil fields with estimated reserves of 65 billion barrels, was signed by US Energy Secretary Chris Wright and Venezuelan Acting President Delcy Rodríguez.

Chevron plans to invest $7 billion over the next five years, aiming to more than double its current production to around 600,000 barrels a day.

Venezuela holds the world's largest proven oil reserves at over 303 billion barrels, according to OPEC.

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