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Chevron Expands Operations in Venezuela Amid New US Oil Deal
US oil giant Chevron has confirmed it will expand its operations in Venezuela, just days after President Donald Trump announced an ambitious deal to develop the nation's oil reserves.
The agreement includes investing over $7 billion over the next five years and more than doubling production to approximately 600,000 barrels a day by 2026. Chevron has been assigned additional acreage in the Orinoco Belt, where the company already has an established position.
Chevron's expansion plans come as the White House confirmed its partnership with North American Blue Energy Partners as part of Trump's push to tap into Venezuela's oil industry.