Chevron Doubles Down on Venezuelan Oil Expansion

Chevron, one of the largest US oil companies, is expanding its operations in Venezuela after announcing a $7 billion investment. The company plans to double its oil production in the country over the next five years.

According to Chevron CEO Mike Wirth, the expansion will support low-cost oil growth and energy supply. He added that the company's position in Venezuela reflects its confidence in the country's deep resource potential.

The move comes after President Donald Trump announced a deal to rebuild Venezuela's oil reserves, giving the Pentagon a stake in the profits. Chevron is the only major US oil company with operations in Venezuela, and it has been present in the country since 1923.