Chevron Confirms Massive Venezuela Expansion Amid Trump-Led Push

US oil giant Chevron has confirmed it will expand its operations in Venezuela after President Donald Trump announced an ambitious deal to develop the country's oil reserves. The company, which is the only US oil major with a significant presence in Venezuela, plans to invest over $7 billion over the next five years.

Chevron will be assigned additional acreage in the Orinoco Belt, where it currently has active operations, and aims to more than double its current production to around 600,000 barrels per day. The company's CEO, Mike Wirth, said that Chevron's expanded position in Venezuela reflects its confidence in the country's deep resource potential.

The deal comes as part of Trump's push to tap into Venezuela's oil industry, which is estimated to have over 303 billion barrels of proven reserves. However, energy experts have raised concerns about the feasibility of reviving the country's oil infrastructure, which has been severely degraded due to years of neglect and international sanctions.