Chevron to expand Venezuela oil operations with US$7 billion plan

Oil giant Chevron confirmed that it would expand operations in Venezuela after US 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 US oil company with a major presence in Venezuela, said on Wednesday that it had been assigned additional acreage in the Orinoco Belt, where it has active operations. The company plans to invest more than US$7 billion over the next five years, with the goal of more.

Original reporting by South China Morning Post · Associated Press. GridIndex is an aggregation and intelligence layer — full credit to the original publisher.