Chevron Expands Operations in Venezuela Amid Trump's Ambitious Oil Deal
US oil giant Chevron has confirmed that it will expand its operations in Venezuela. The announcement comes just days after President Donald Trump revealed an ambitious deal to develop the nation's oil reserves and give the Pentagon a stake in the profits.
Chevron, the only US oil company with a major presence in Venezuela, has been assigned additional acreage in the Orinoco Belt. The company plans to invest more than $7 billion over the next five years, aiming to double its current production to about 600,000 barrels per day.
The expansion is seen as a significant move for Chevron and a major step forward for Venezuela's struggling oil industry. However, critics have raised concerns about the deal, citing potential environmental and social impacts.