Chevron Invests Big in Venezuelan Oil Expansion

Chevron has announced plans to expand its operations in Venezuela, with a joint venture expected to invest over $7 billion over the next five years.

The move comes just days after the US and Venezuela struck an oil deal, granting American companies access to 65 billion barrels of oil.

Chevron will be expanding its presence in the Orinoco Belt, where a significant portion of Venezuela's oil reserves lie.

'Today is a transformative day,' said US Secretary of Energy Chris Wright. 'The catalyst for transforming Venezuela is energy... The catalyst for improving life conditions for Americans and everyone in the world is to massively expand energy production around the world.'