Chevron Nears Deal to Expand Oil Operations in Venezuela

Chevron is in talks to expand its oil operations in Venezuela as the Trump administration expands its influence over the country's oil sector. The company, which already accounts for about a fifth of Venezuela's oil production, is negotiating to add two new oil fields to its operations.

The potential new investment by Chevron comes as the Trump administration is in talks with Venezuelan leaders about taking a significant stake in the nation's oil fields. The country's oil fields are among the largest in the world and are currently controlled by state-owned company Petroleos de Venezuela, S.A. (PDVSA).

Chevron has been active in Venezuela for decades, having maintained its operations despite the government expropriating assets belonging to ExxonMobil Holdings Corp. and ConocoPhillips in 2007.