Chevron Shares Soar as Venezuela Investment Plans Unveiled

Chevron Corporation shares are rising more than 2% in Monday's premarket session as investors react to plans for massive investment in Venezuela.

The US government recently announced an agreement allowing American companies to participate in developing Venezuela's oil resources, with a 25-year deal targeting an increase in crude production to 1.5 million barrels per day.

US companies are expected to invest over $100 billion in Venezuela, while the Venezuelan government could collect more than $209 billion in taxes under this agreement.

Chevron, a major US player in Venezuela, is likely to benefit significantly from this investment and may announce plans to expand its operations this week, according to The New York Times.