Chevron Expands Venezuelan Operations Amid Oil Deal

Chevron, the largest foreign oil operator in Venezuela, has announced plans to expand its operations in the country. This move comes on the heels of a recent deal between the US and Venezuela that granted the US access to 65 billion barrels of oil.

The Houston-based company will invest over $7 billion over the next five years as part of a joint venture, expanding its production to approximately 600,000 barrels of oil per day. Chevron's CEO, Mike Wirth, stated in an online statement that the expanded position reflects the company's confidence in Venezuela's deep resource potential.

Venezuela has been plagued by political and economic uncertainty, with an interim president, Delcy Rodríguez, taking office after the US captured former President Nicolás Maduro in January. However, the Trump administration has encouraged American oil companies to invest in Venezuela's oil operations.