Chevron Doubles Down on Venezuelan Oil Investments

Oil giant Chevron has confirmed plans to expand its operations in Venezuela, following an ambitious deal between US President Donald Trump and the nation's government. The company will invest over $7 billion in the next five years, more than doubling production to approximately 600,000 barrels a day.

Chevron's CEO Mike Wirth stated that the company's expanded position reflects its confidence in Venezuela's deep resource potential and ability to compete for investment within their portfolio. Chevron has had a presence in the country since 1923 and operates joint ventures including Petroindependencia and Petropiar, S.A.

The announcement comes as part of a larger deal between the US government and Venezuela to develop the nation's oil reserves, with the Pentagon set to receive a stake in the profits.