US oil giant Chevron confirms it will expand operations in Venezuela
Summary
Chevron, a major U.S. oil company, will expand its operations in Venezuela by investing more than $7 billion over five years. This move follows a deal announced by President Donald Trump to develop Venezuela’s oil reserves and give the U.S. Pentagon a share in the profits.Key Facts
- Chevron will increase its operations in Venezuela’s Orinoco Belt, an area rich in oil.
- The investment aims to more than double oil production to about 600,000 barrels a day by 2031.
- Chevron has operated in Venezuela since 1923 and currently runs projects producing extra-heavy oil.
- The U.S. government, under President Trump, partnered with a North American energy company to boost Venezuela’s oil industry.
- The deal grants Chevron 100-year rights over 17 oil fields holding 65 billion barrels of reserves.
- Some experts doubt Venezuela’s ability to quickly restore oil production after years of neglect.
- Questions remain about the legal authority of Venezuela’s acting President to make such agreements.
- The agreement’s future may depend on upcoming political changes in both Venezuela and the U.S.
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