Chevron Expands Venezuelan Operations Amid Trump-Era Oil Deal
US oil giant Chevron has confirmed it will expand operations in Venezuela after President Donald Trump announced an ambitious deal to develop the nation's oil reserves. Chevron, the only US oil company with a major presence in Venezuela, said it has been assigned additional acreage in the Orinoco Belt and plans to invest over $7 billion over five years.
The goal is to more than double its current production of around 600,000 barrels a day. Venezuela holds the world's largest proven oil reserves, but its daily production is just over 1 million barrels due to degraded energy infrastructure and international sanctions.
Energy Secretary Chris Wright said the deal would 'bring peace, freedom, opportunity, and prosperity' to Venezuelans, with US investment expected to create thousands of jobs. However, some experts have expressed skepticism about the deal's feasibility and questioned whether Venezuela's acting president has the authority to give a 100-year concession over 17 oil fields.