Chevron Expands Venezuelan Operations Amid Trump-Backed Oil Deal

US oil giant Chevron has confirmed it will expand its operations in Venezuela after President Donald Trump announced an ambitious deal to develop the nation's oil reserves. The company plans to invest more than $7 billion over the next five years, with the goal of doubling its current production to about 600,000 barrels a day.

The agreement was met with skepticism from energy experts who say it will take years to revive Venezuela's oil industry, which has been in disarray after years of neglect. Chevron, the second-largest U.S. oil company, has had a presence in Venezuela since 1923 and has been assigned additional acreage in the Orinoco Belt.

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. Energy Secretary Chris Wright said during an interview on CNBC, 'What we're doing is increasing the confidence for private businesses to come do deals in Venezuela, directly with the government of Venezuela.'

However, analyst Ian Vásquez from the Cato Institute questioned the deal's legitimacy, stating that it was agreed upon under pressure and without the approval of the National Assembly.