Chevron to Pump $7 Billion into Venezuelan Oil Operations

Chevron, the only US oil company with significant operations in Venezuela, has confirmed plans to expand its presence in the country. The move comes after President Donald Trump announced a deal to develop Venezuela's oil reserves and grant the Pentagon a stake in the profits.

According to Chevron, it has been assigned additional acreage in the Orinoco Belt, where it already operates. The company aims to invest more than $7 billion over the next five years, with the goal of increasing production by over 100% to approximately 600,000 barrels per day.