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Chevron Doubles Down on Venezuela with $7 Billion Investment
US oil giant Chevron is expanding its operations in Venezuela after confirming it has been assigned additional acreage in the Orinoco Belt.
The company said Wednesday that it will invest more than $7 billion over the next five years, with plans to double production to approximately 600,000 barrels a day by 2026.
This move comes just days after President Donald Trump announced an ambitious deal to develop Venezuela's oil reserves and give the Pentagon a stake in the profits.