Oil giant Chevron is confirming that it is expanding 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.

Oil giant Chevron is confirming 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 said 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 $7 billion over the next five years, more than doubling production to approximately 600,000 barrels a day compared to 2026.

  • mossberg590@lemmy.worldEnglish
    42·
    18 days ago

    Lost theirs twice before. I’m afraid the answer isn’t money but the promise of the US military protecting the business interests.

    • rayyy@piefed.socialEnglish
      1·
      5 days ago

      Well, countries, let alone businesses, can’t rely on the US anymore. Look at Saudi Arabia. The US said they wouldn’t protect them from the Houthis anymore.