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Chevron to Pump Billions into Venezuelan Oil Expansion

Guavy AI Editorial Team
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CVX
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US oil giant Chevron has confirmed plans to expand its operations in Venezuela, investing over $7 billion over the next five years. The company aims to more than double its current production to around 600,000 barrels a day.

This decision comes after President Donald Trump announced an ambitious deal to develop Venezuela's oil reserves and grant the Pentagon a stake in the profits.

Chevron is the only US oil company with a major presence in Venezuela, and it has been assigned additional acreage in the Orinoco Belt where it already operates. The company's expansion plans are part of the larger agreement to tap into Venezuela's vast oil reserves.

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