Chevron Doubles Down on Venezuelan Oil Operations

US oil giant Chevron has confirmed its plans to expand operations in Venezuela. The company will invest over $7 billion over the next five years, aiming to more than double its current production to about 600,000 barrels a day.

Chevron's expansion comes after President Donald Trump announced an ambitious deal with Venezuela to develop the nation's oil reserves. As part of this agreement, Chevron has been assigned additional acreage in the Orinoco Belt, where it already operates.

The Orinoco Belt is considered one of the largest oil reserves in the world, and Chevron's expansion marks a significant move into this region. The company's investment will focus on increasing production and developing new areas within the belt.