Chevron Seals Deal to Expand Operations in Venezuela's Orinoco Belt

Chevron Corp is making significant strides in Venezuela by finalizing a deal to operate two giant oil fields in the Orinoco Belt. The Carabobo region's fields, holding billions of barrels of heavy oil reserves, will be added to Chevron's operations as part of US President Donald Trump's push for increased production in the South American country.

The Texas-based company has negotiated operating rights to the fields through its PetroIndependencia joint-venture with state-owned Petróleos de Venezuela SA. The move comes after a long period of diplomatic efforts by Trump to expand US energy interests in Venezuela, which have been severely impacted by economic sanctions and domestic unrest.

The two new fields will significantly increase Chevron's presence in the Orinoco Belt, where it already operates a vast field through its joint-venture. The deal has not yet been officially announced but sources close to the matter indicate that it is near completion.