Chevron Bolsters Venezuelan Oil Operations with $7 Billion Investment

Oil giant Chevron has confirmed plans to expand its operations in Venezuela, following an announcement by US President Donald Trump about a deal to develop the country's oil reserves. The company will invest over $7 billion over the next five years, aiming to double its current production from around 300,000 barrels per day to approximately 600,000 barrels per day.

Chevron is the only major US oil company with operations in Venezuela, and it has been assigned additional acreage in the Orinoco Belt. The region is a key area for oil production, and Chevron's expansion plans come as part of a larger deal to develop Venezuela's oil reserves.