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Chevron to expand Venezuela operations with $7 billion plan
The expansion includes additional acreage in Venezuela's Orinoco Belt, a move tied to the Trump administration push to raise oil production.
Chevron plans to expand its operations in Venezuela under a $7 billion investment, aiming to double production there, CNBC World reports.
The move comes as the Trump administration seeks to increase oil output from Venezuela, where Chevron is the only U.S. oil company with a major existing presence, according to CNBC World and SCMP Economy.
Chevron said it has been assigned additional acreage in the Orinoco Belt, the company’s core production region in the South American country, SCMP Economy reports.
The expansion follows recent U.S. political developments around Venezuela’s oil reserves, with SCMP Economy noting that Chevron’s announcement arrived days after President Donald Trump unveiled a broader deal approach that would develop the reserves and include a Pentagon stake in profits.