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Chevron Seals Deal with Venezuela, Eyes Major Expansion
US oil giant Chevron has confirmed it will expand its operations in Venezuela after President Donald Trump announced an ambitious deal to develop the nation's oil reserves.
The agreement, which would give the Pentagon a stake in profits, aims to more than double Chevron's current production from about 600,000 barrels per day to over 1.2 million barrels per day within five years.
Chevron plans to invest $7 billion over this period and has been assigned additional acreage in the Orinoco Belt, where it already operates.