Chevron to Double Oil Production in Venezuela with $7 Billion Investment

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 company, which is the only US oil company with a major presence in Venezuela, has been assigned additional acreage in the Orinoco Belt where it already operates.

Chevron plans to invest more than $7 billion over the next five years, aiming to double its current production of around 300,000 barrels per day to approximately 600,000 barrels a day.