Chevron Doubles Down on Venezuelan Oil Investments

US oil giant Chevron has announced plans to expand its operations in Venezuela, just days after President Donald Trump unveiled an ambitious deal to develop the nation's oil reserves. The company confirmed it will invest more than $7 billion over the next five years in the Orinoco Belt, where it already has an established position.

The expanded operations are expected to increase production by nearly double, from approximately 300,000 barrels per day to around 600,000 barrels per day. Chevron's CEO Mike Wirth stated that the company is 'strengthening a portfolio that we believe can deliver attractive low-cost oil growth' in Venezuela.

The announcement comes as a significant development for the country's energy sector, with Chevron being the second-largest US oil company and the only one with a major presence in Venezuela. The company has been operating in the country since 1923.