Chevron Doubles Down on Venezuelan Oil Expansion

US oil giant Chevron has confirmed its plans to expand operations in Venezuela after President Donald Trump announced an ambitious deal to develop the nation's oil reserves.

The company will invest more than $7 billion over the next five years, with the goal of doubling its current production to about 600,000 barrels a day.

Chevron, the only US oil company with a major presence in Venezuela, has been assigned additional acreage in the Orinoco Belt where it already has active operations.