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Chevron Expands Operations in Venezuela Amid New Oil Deal
US oil giant Chevron has confirmed it will expand its operations in Venezuela. This move comes just days after President Donald Trump announced an ambitious deal to develop the nation's oil reserves and give the Pentagon a stake in the profits.
Chevron said it has been assigned additional acreage in the Orinoco Belt, where the company already has a established position. Joint venture plans include investing more than $7 billion over the next five years.
As part of this expansion, Chevron aims to more than double its production to approximately 600,000 barrels a day by 2026 compared to current levels.