Chevron Expands Operations in Venezuela Amid Trump-Era Oil Deal

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. The company plans to invest more than $7 billion over the next five years, with the goal of doubling its current production to about 600,000 barrels a day.

The Orinoco Belt is where Chevron has active operations and will be assigned additional acreage. The company's CEO, Mike Wirth, said in a statement that Chevron's history in Venezuela spans over a century, and the expanded position reflects their confidence in the country's deep resource potential.

Venezuela holds the world's largest proven reserves, totaling more than 303 billion barrels of crude oil. However, due to energy infrastructure degradation and international sanctions, its daily production is just over 1 million barrels, compared with Saudi Arabia's 10-11 million barrels per day.