Summary
Chevron, a major U.S. oil company, will expand its work in Venezuela after President Donald Trump announced a deal to develop Venezuela’s oil and share profits with the Pentagon. Chevron plans to invest over $7 billion in the next five years to more than double its oil production in Venezuela.Key Facts
- Chevron is the only major U.S. oil company currently operating in Venezuela.
- Chevron received new land in the Orinoco Belt, an important oil area in Venezuela.
- The company aims to produce about 600,000 barrels of oil per day, more than twice its current output.
- Chevron’s investment plan is over $7 billion for the next five years.
- Venezuela has the world’s largest proven oil reserves, with more than 303 billion barrels.
- Venezuela’s oil infrastructure is damaged and production is low because of sanctions and other problems.
- Venezuela produces just over 1 million barrels of oil a day, much less than Saudi Arabia and the U.S.
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