Stocks
Chevron Expands Operations in Venezuela Amid Trump-Backed 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 company will invest more than $7 billion over the next five years and increase production to approximately 600,000 barrels a day by 2026, more than doubling current output.
Chevron's CEO Mike Wirth said the expanded position reflects the company's confidence in Venezuela's deep resource potential and its ability to compete for investment within their portfolio for decades.
The deal comes as part of Trump's push to tap into Venezuela's oil industry, which has been in disarray after years of neglect due to political instability and international sanctions.