Chevron Secures Rights to Venezuela's Orinoco Belt Oil Fields

Chevron is finalizing a deal to operate two giant oil fields in Venezuela's Orinoco Belt, significantly expanding its operations in the country. The Texas-based oil company has negotiated operating rights to the fields in the Carabobo region, which hold billions of barrels of heavy oil reserves.

The deal is part of U.S. President Donald Trump's push to ramp up production in Venezuela. Chevron, the only U.S. oil major operating in Venezuela, has been in talks with the nation's acting President Delcy Rodríguez and her government about new fiscal terms.

The agreement is expected to be the largest of several announced in the coming days as Trump encourages more U.S. investment in Venezuela's oil industry. Chevron declined to comment on the deal, which is separate from negotiations for a partnership between the Department of Defense and Venezuelan businessman Alejandro Betancourt.