Chevron Expands Operations in Venezuela Amid Ambitious US-Led Oil Deal

US oil giant Chevron has announced plans to expand its operations in Venezuela, following an ambitious deal between President Donald Trump and the Venezuelan government. The company will invest over $7 billion over the next five years, with the goal of more than doubling production from its 2026 level to approximately 600,000 barrels a day.

Chevron is currently the only US oil company with a major presence in Venezuela, and has been assigned additional acreage in the Orinoco Belt. The Orinoco Belt is one of the country's most significant oil reserves, and Chevron's expansion will be focused on developing this region.

The deal to develop Venezuela's oil reserves was announced by President Trump just days ago, and includes a provision for the Pentagon to take a stake in the profits. While details of the agreement are still scarce, it is clear that the US government sees significant potential for economic growth through expanded oil production in Venezuela.