Chevron Expands Operations in Venezuela Amid Trump-Led Oil Development Deal
US oil giant Chevron has confirmed it will expand its operations in Venezuela, following President Donald Trump's announcement of an ambitious deal to develop the nation's oil reserves.
The company, which is the only US oil major with a significant presence in the country, has been assigned additional acreage in the Orinoco Belt, where it already operates. Chevron plans to invest over $7 billion over the next five years as part of a joint venture, aiming to more than double production to approximately 600,000 barrels per day by 2026.
This expansion marks a significant move for Chevron, which will now have a larger stake in Venezuela's oil industry. The deal also involves the Pentagon being given a share in the profits, as part of Trump's efforts to develop the country's oil reserves.