Chevron Doubles Down on Venezuela with $7 Billion Oil Investment

US oil giant Chevron has announced it will expand its operations in Venezuela, despite years of neglect and international sanctions. The company confirmed that it has been assigned additional acreage in the Orinoco Belt, where it already has an established position. Joint venture plans include investing more than $7 billion over the next five years.

The move is part of a broader effort by the US government to tap into Venezuela's vast oil reserves, which are estimated at over 303 billion barrels. The Trump administration has been pushing for American companies to restore their presence in the country, with Chevron being the only major US oil company currently operating there.

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 comes as President Trump has been touting the benefits of the deal, including lower gasoline prices for American consumers.