Chevron Expands Venezuela Footprint as Shares Trade Near Records

Chevron has agreed to expand its operations in Venezuela, adding rights to develop fields in the Orinoco Belt alongside its existing joint ventures with the state energy company.

The agreements extend Chevron's long-running position as the only major American oil company still active in the South American nation, a status that has become increasingly valuable as Washington has eased certain restrictions tied to the country's energy sector.

Chevron's existing Petroindependencia joint venture will grow to include adjacent acreage in the Carabobo region, while a related venture, Petropiar, gains rights to a nearby development area under improved commercial terms.