Chevron Expands Operations in Venezuela Amid Trump-Backed Oil Deal
US oil giant Chevron has confirmed it will expand its operations in Venezuela, a move that comes just days after President Donald Trump announced an ambitious deal to develop the nation's oil reserves. According to a statement from Chevron CEO Mike Wirth, the company will invest more than $7 billion over the next five years to increase production by over 100% to approximately 600,000 barrels per day.
The expanded operations will take place in the Orinoco Belt, where Chevron has an established presence. The move is seen as a boost for the Venezuelan economy, which has struggled due to years of neglect and international sanctions. However, experts have questioned whether Venezuela's acting President Delcy Rodríguez has the legal authority to give the company 100-year rights over 17 oil fields with reserves of 65 billion barrels.
Trump has been pushing for US businesses to restore a presence in Venezuela, which he sees as a path away from reliance on oil from the Middle East. The White House confirmed that it is partnering with North American Blue Energy Partners as part of Trump's push to tap into Venezuela's oil industry.