Chevron Expands Venezuelan Operations Amid U.S.-Venezuela Oil Deal

Chevron is expanding its operations in Venezuela after striking an oil deal with the U.S. on Friday, which grants access to 65 billion barrels of oil.

The Houston-based company will invest over $7 billion over the next five years as part of a joint venture, aiming to expand production to approximately 600,000 barrels of oil per day in the Orinoco Belt.

Chevron CEO Mike Wirth said the deal is an 'important milestone' and 'creates the opportunity to unlock growth and development.'

The move comes despite previous hesitation from other U.S. oil companies, including ExxonMobil CEO Darren Woods, who called Venezuela 'uninvestable' at a White House meeting in January.