Chevron Doubles Down on Venezuelan Oil Expansion

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

The company will invest over $7 billion over the next five years, aiming to more than double production from 2026 levels to approximately 600,000 barrels per day.

Chevron has been assigned additional acreage in the Orinoco Belt, where it already has operations. This expansion is part of a larger deal that includes the development of Venezuela's oil reserves and will give the Pentagon a stake in the profits.