Chevron Doubles Down on Venezuelan Oil Expansion

US oil giant Chevron has confirmed it will expand its operations in Venezuela, following President Donald Trump's announcement of an ambitious deal to develop the nation's oil reserves. The company plans to invest over $7 billion over the next five years, with a goal of more than doubling production from its 2026 level to approximately 600,000 barrels a day.

Chevron will be assigned additional acreage in the Orinoco Belt, where it already has operations. This expansion marks a significant development for the company and the Venezuelan oil industry as a whole.