Chevron Doubles Down on Venezuela Oil Deal with $7 Billion Investment

US oil giant Chevron has confirmed it will expand its operations in Venezuela. The announcement comes just days after President Trump revealed an ambitious deal to develop the nation's oil reserves and give the Pentagon a stake in the profits.

Chevron said Wednesday that it has been assigned additional acreage in the Orinoco Belt, where the company already has a major presence. Joint venture plans include investing more than $7 billion over the next five years, which will increase production to approximately 600,000 barrels per day by 2026.

Chevron CEO Mike Wirth said that the expanded position reflects the company's confidence in Venezuela's deep resource potential and its ability to compete for investment. The announcement 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.