Chevron Commits $7 Billion to Venezuela Oil Expansion

Chevron has announced plans to expand its oil operations in Venezuela, investing over $7 billion over the next five years. The move comes after President Donald Trump's announcement of a deal to develop the country's oil reserves and give the Pentagon a stake in the profits.

The company will double its production to around 600,000 barrels per day by 2026. Chevron has had a presence in Venezuela since 1923 and is the only US oil company with a major operation there.

Venezuela holds the world's largest proven reserves, according to Opec, with over 303 billion barrels of crude oil.