Chevron Doubles Down on Venezuela Oil Investment
US oil giant Chevron is expanding its operations in Venezuela, investing over $7 billion in the next five years. This move comes after President Donald Trump announced a deal to develop the country's oil reserves and give the Pentagon a stake in the profits.
Chevron has been assigned additional acreage in the Orinoco Belt and will more than double its production to approximately 600,000 barrels per day by 2026. The company has had a presence in Venezuela since 1923 and currently operates several joint ventures in the country.
Energy Secretary Chris Wright was expected to visit Venezuela on Wednesday with Chevron officials to unveil the new investment. However, analysts have expressed skepticism about the deal's feasibility, citing years of neglect and disarray in Venezuela's oil industry.