Chevron Expands Operations in Venezuela Amid US Oil Deal
US oil giant Chevron is expanding its operations in Venezuela, just days after the country agreed to give the US access to 65 billion barrels of oil. The company will invest over $7 billion in a joint venture with Venezuelan President Delcy Rodríguez's government to increase production to approximately 600,000 barrels per day.
The deal comes as part of a broader effort by the Trump administration to encourage American oil companies to invest in Venezuela's oil operations. Chevron is already the largest foreign oil operator in Venezuela and has maintained a presence there since the 1920s.
Venezuela's oil reserves are some of the world's largest, but much of its infrastructure is in disrepair after years of corruption and low oil prices. Experts warn that it will take significant investment to restore production levels to their former heights.