Chevron Commits $7B to Expanded Operations in Venezuela
US oil giant Chevron has confirmed plans to expand its operations in Venezuela, following an ambitious deal between President Donald Trump and the Venezuelan government.
The company announced that it will invest over $7 billion in additional acreage in the Orinoco Belt over the next five years, with joint venture plans aiming to double production to around 600,000 barrels a day by 2026.
This move comes just days after Trump announced a deal to develop Venezuela's oil reserves and give the Pentagon a stake in the profits.