Chevron Commits $7 Billion to Expanding Operations in Venezuela

US oil giant Chevron has confirmed its plans to expand operations in Venezuela after President Donald Trump announced an ambitious deal to develop the nation's oil reserves. The company, which is the only US oil firm with a significant presence in Venezuela, has been assigned additional acreage in the Orinoco Belt where it already operates.

Chevron plans to invest over $7 billion over the next five years, aiming to more than double its current production to around 600,000 barrels per day. This move comes after President Trump's announcement of a deal that would give the Pentagon a stake in the profits from Venezuelan oil development.