Chevron Expands Operations in Venezuela Amid Trump-Era Oil Deal

US oil giant Chevron is expanding its operations in Venezuela, just days after President Donald Trump announced an ambitious deal to develop the nation's oil reserves. Chevron has been assigned additional acreage in the Orinoco Belt and plans to invest over $7 billion over the next five years.

The company aims to more than double production to approximately 600,000 barrels a day by 2026. Chevron CEO Mike Wirth stated 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.

Trump has been pushing US businesses to restore a presence in Venezuela, which holds the world's largest proven oil reserves at over 303 billion barrels. However, analysts have questioned whether it will take years to revive the country's oil industry, which is currently struggling due to political instability and international sanctions.