Chevron Doubles Down on Venezuelan Oil with $7 Billion Investment

US oil giant Chevron is expanding its operations in Venezuela after President Donald Trump announced a deal to develop the nation's oil reserves. The company has been assigned additional acreage in the Orinoco Belt, where it already has active operations.

The move is part of an ambitious plan to boost production in Venezuela, which has struggled with declining oil output in recent years. Chevron plans to invest over $7 billion in the next five years, aiming to more than double its current production to around 600,000 barrels per day.