Chevron Doubles Down on Venezuelan Oil Venture with $7 Billion Investment

US oil giant Chevron has confirmed plans to expand its operations in Venezuela. The company will assign additional acreage in the Orinoco Belt, where it already has a major presence. Joint venture plans include investing over $7 billion over the next five years.

This move comes just days after President Donald Trump announced a deal to develop Venezuela's oil reserves and give the Pentagon a stake in the profits. Chevron will double its production to approximately 600,000 barrels per day by 2026.

The company's expansion is part of a larger effort to tap into Venezuela's vast oil reserves. The Orinoco Belt is one of the largest oil reserves in the world, and Chevron has been operating there for years.