US oil giant Chevron confirms it will expand operations in Venezuela

NEW YORK (AP) – Oil giant Chevron confirmed 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, the only United States oil company that has a major presence in the country, said on 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 US$7 billion over the next five years, more than doubling production to approximately 600,000 barrels a day compared with 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.