Chevron Expands Operations in Venezuela Amid Trump-Backed Deal

The US oil giant Chevron has confirmed it will expand its operations in Venezuela after President Donald Trump announced an ambitious deal to develop the nation's oil reserves.

Chevron, the only major US oil company with a presence in Venezuela, said it has been assigned additional acreage in the Orinoco Belt and plans to invest more than $7 billion over five years.

The goal is to more than double Chevron's current production to around 600,000 barrels per day, according to CEO Mike Wirth. This comes as Trump's administration aims to tap into Venezuela's oil industry, which holds the world's largest proven reserves at over 303 billion barrels.