US oil giant Chevron confirms it will expand operations in Venezuela

Oil giant Chevron is confirming that it will 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 said Wednesday that it has been assigned additional acreage in the Orinoco Belt, where the company has an established position.

Joint venture plans include investing more than USD 7 billion over the next five years, more than doubling production to approximately 6,00,000 barrels a day compared to 2026.

"Chevron's history in Venezuela spans more than a century, and our expanded position reflects our confidence in the country's deep resource potential and its ability to compete for investment within our portfolio for decades," CEO Mike Wirth said in a prepared statement.

"With improved terms and additional acreage, we are strengthening a portfolio that we believe can deliver attractive low-cost oil growth, support energy supply and create ...