US Chevron to expand Venezuela oil operations with US$7 billion plan

Oil giant Chevron confirmed that it would expand its operations in Venezuela, just days after President Donald Trump announced an ambitious deal to develop the nation’s oil reserves and give the Pentagon a stake in the profits.

Chevron, the only US oil company that has a major presence in the country, said on Wednesday that it had been assigned additional acreage in the Orinoco Belt, where the company had an established position.

Joint venture plans include investing more than US$7 billion over...