Chevron Invests $7 Billion in Venezuelan Oil Expansion

US oil giant Chevron has announced plans to expand its operations in Venezuela, investing more than $7 billion over the next five years.

The move is part of a deal between the US and Venezuelan governments, aimed at tapping into the country's vast oil reserves. The Orinoco Belt, where Chevron will be operating, holds an estimated 65 billion barrels of crude oil.

Chevron's CEO Mike Wirth stated that the company has been assigned additional acreage in the region and plans to more than double its current production to around 600,000 barrels per day.