Chevron Expands Operations in Venezuela Amid Trump-Backed Oil Push

Chevron, the second-largest U.S. oil company, has confirmed it will expand its operations in Venezuela. The decision comes after President Donald Trump announced an ambitious deal to develop the nation's oil reserves and give the Pentagon a stake in the profits.

The agreement involves Chevron being assigned additional acreage in the Orinoco Belt, where the company already has an established position. Joint venture plans include investing more than $7 billion over the next five years, which is expected to double production to approximately 600,000 barrels a day by 2026.

Chevron's CEO Mike Wirth said in a statement that the expanded position reflects the company's confidence in Venezuela's deep resource potential and its ability to compete for investment within their portfolio. Wirth emphasized that with improved terms and additional acreage, Chevron is strengthening a portfolio that can deliver attractive low-cost oil growth.