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Chevron Expands Operations in Venezuela Amid New Oil Development 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, just days after President Donald Trump announced a 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 an established position. Joint venture plans include investing over $7 billion over the next five years, more than doubling production to approximately 600,000 barrels a day by 2026.

The announcement comes as part of a larger effort to revive Venezuela's struggling oil industry and increase US influence in the region.

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