Chevron Doubles Down on Venezuelan Oil Amid Trump Deal
Chevron, the second-largest US oil company, has announced plans to expand its operations in Venezuela. The company will invest over $7 billion in the country's Orinoco Oil Belt over the next five years, with production expected to increase by nearly double from around 300,000 barrels per day to approximately 600,000 barrels a day.
The move comes after President Donald Trump announced an ambitious deal to develop Venezuela's oil reserves and give the Pentagon a stake in the profits. Chevron has had a presence in Venezuela since 1923, with joint ventures operating extra-heavy oil projects in the Orinoco Oil Belt.
Venezuela holds the world's largest proven oil reserves, totaling over 303 billion barrels of crude oil. However, the country's current oil output is only about 1.1 to 1.2 million barrels per day due to factors such as political instability and international sanctions.