U.S. oil company Chevron has confirmed it will expand its operations in Venezuela, a country that has long been a significant player in global oil production. The company has been assigned additional land in the Orinoco Belt, a region known for its vast reserves of extra-heavy crude oil. This expansion is part of a joint venture that includes plans to invest over $7 billion over the next five years. If completed, this investment could increase Chevron's daily oil production in Venezuela to around 600,000 barrels, more than doubling current levels by 2026. The announcement follows a briefing by a U.S. official, who was not identified due to White House guidelines, stating that Chevron executives and Energy Secretary Chris Wright were expected to visit Venezuela on Wednesday. During this visit, the new investment is set to be formally announced. This marks a significant development in U.S.-Venezuelan energy relations, especially given the complex political and economic dynamics between the two countries. Chevron is the second-largest U.S. oil company and the only major U.S. firm with a substantial presence in Venezuela. Its operations in the country date back to 1923, making it one of the longest-standing foreign oil companies in the region. The company's joint ventures—Petroindependencia and Petropiar, S.A.—are focused on developing extra-heavy oil projects in the Orinoco Oil Belt, which is one of the largest oil reserves in the world. In addition to its operations in the Orinoco Belt, Chevron also has a presence in Zulia State, located in western Venezuela. This region is known for its significant oil deposits and has historically been a key area for oil production in the country. Chevron's continued investment in Venezuela underscores the strategic importance of the region in the global oil market, despite ongoing political and economic challenges.