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Chevron Expands Operations in Venezuela Amid US Oil Deal

Guavy AI Editorial Team
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CVX
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US oil giant Chevron has confirmed it will expand its operations in Venezuela. The company stated that it has been assigned additional acreage in the Orinoco Belt, where it already has active operations.

Chevron plans to invest more than $7 billion over the next five years, aiming to double its current production to approximately 600,000 barrels per day.

The expansion follows an ambitious deal announced by President Donald Trump to develop Venezuela's oil reserves and give the Pentagon a stake in the profits.

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