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Chevron Expands Operations in Venezuela Amid Controversial US Deal
US oil giant Chevron has confirmed it will expand operations in Venezuela after President Donald Trump announced an ambitious deal to develop the nation's oil reserves.
The company plans to invest over $7 billion over the next five years, with the goal of more than doubling its current production to about 600,000 barrels a day.
Venezuela holds the world's largest proven reserves, totaling over 303 billion barrels of crude oil. However, the country's energy infrastructure is severely degraded and daily production is just over 1 million barrels, compared to Saudi Arabia's 10-11 million barrels per day.