Chevron Doubles Down on Venezuelan Oil Investment
US oil giant Chevron has confirmed its plans to expand operations in Venezuela, investing over $7 billion in the country's oil reserves. The move comes as part of President Donald Trump's push to develop Venezuela's oil industry and reduce US reliance on Middle Eastern oil.
Chevron will more than double its production in the Orinoco Belt, aiming for approximately 600,000 barrels a day by 2026. The company has been operating in Venezuela since 1923 and sees potential in the country's deep resource reserves.
Venezuela holds over 303 billion barrels of proven oil reserves, making it the world's largest reserve holder. However, current output is around 1.1 to 1.2 million barrels per day due to factors like political instability and international sanctions.