Chevron Expands Operations in Venezuela Amid Trump-Led Oil Deal
US oil giant Chevron has confirmed it will expand operations in Venezuela after President Donald Trump announced a 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 increasing production from around 300,000 barrels per day to about 600,000.
The expansion follows an agreement between the US and Venezuela, which aims to tap into the country's vast oil reserves. According to OPEC, Venezuela holds more than 303 billion barrels of crude oil, making it the world's largest proven reserve holder.
However, energy experts have expressed skepticism about the deal, citing the need for years of restoration work and tens of billions of dollars to revive Venezuela's dilapidated oil infrastructure. The US Energy Secretary Chris Wright has pushed back on criticism, calling the deal a 'massive win' for both countries.