Chevron Dives Back into Venezuela with $7 Billion Investment

US oil giant Chevron has confirmed it will expand its operations in Venezuela, just days after President Donald Trump announced an ambitious deal to develop the nation's oil reserves.

The company said it has been assigned additional acreage in the Orinoco Belt and plans to invest more than $7 billion over the next five years.

This investment is expected to more than double production to approximately 600,000 barrels a day by 2026, making Chevron's operations one of the largest in the country.

Chevron CEO Mike Wirth stated that the company has 'confidence in Venezuela's deep resource potential and its ability to compete for investment within our portfolio for decades.'

The deal has been met with skepticism from analysts who say it will take years to revive Venezuela's production, which is currently in disarray after years of neglect.