Chevron Set to Double Oil Production in Venezuela Amid Trump Deal

Chevron, the only U.S. oil company with a major presence in Venezuela, plans to double its oil production in the country over the next five years.

The company will invest $7 billion to increase production to approximately 600,000 barrels per day, according to Mike Wirth, Chevron's CEO.

This expansion follows President Donald Trump's recent deal to develop Venezuelan oil fields, which contain about 65 billion barrels of petroleum.

Venezuela has vast proven reserves, totaling more than 303 billion barrels, but current output is limited due to political instability and international sanctions.