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Chevron Expands in Venezuela Amid Skepticism Over Trump Deal

Guavy AI Editorial Team
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CVX
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US oil giant Chevron has confirmed it will expand its operations in Venezuela after President Donald Trump announced an ambitious deal to develop the nation's oil reserves.

Chevron, the only US oil company with a major presence in Venezuela, plans to invest over $7 billion over the next five years and more than double its current production to about 600,000 barrels a day.

The agreement has been met with skepticism from energy experts who say it will take years to revive Venezuela's oil industry, which is in disarray after years of neglect.

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