Chevron has confirmed plans to expand operations in Venezuela. The company intends to invest over $7 billion in the country during the next five years. This investment is expected to significantly increase production, with Chevron aiming to double its current output.

The target production level is approximately 600,000 barrels per day. Chevron's expansion follows a deal with the Trump administration.

Further details on Chevron's plans and the agreement can be found through the source.