Chevron Expands in Venezuela Amid Oil Deal with US

Chevron is expanding its operations in Venezuela after the US and Venezuela struck an oil deal. The Houston-based company said Wednesday that it will expand its existing operations in the Orinoco Belt, where much of Venezuela's oil reserves lie.

The expansion comes on the heels of Friday's announcement that Venezuela will give the US access to 65 billion barrels of oil. Chevron CEO Mike Wirth stated that the agreement is 'an important milestone' for the company and its partners, as it creates opportunities for growth and development.

As part of a joint venture with North American Blue Energy Partners, Chevron plans to invest over $7 billion over the next five years. This investment will expand the company's production to approximately 600,000 barrels of oil per day.