Chevron Doubles Down on Venezuela Oil Ambitions Amid Trump Deal

US oil giant Chevron has confirmed it will expand its operations in Venezuela, investing over $7 billion over the next five years. The company plans to more than double its current production to around 600,000 barrels a day.

The move is part of President Donald Trump's ambitious deal to develop Venezuela's oil reserves and give the Pentagon a stake in the profits.

According to OPEC, Venezuela holds the world's largest proven reserves, totaling over 303 billion barrels of crude oil. However, its daily production is just over 1 million barrels due to severe degradation of energy infrastructure and international sanctions.

Energy Secretary Chris Wright said that Trump's mission in Venezuela is 'straightforward: bring peace, freedom, opportunity, and prosperity' to the people. However, experts have questioned whether it will take years to revive Venezuela's oil industry, which has been neglected for decades.