The U.S. energy giant, which stayed in the country after other Western companies left, will invest $7 billion in the country to more than double its production there.
The Trump administration’s deal with a private oil company to increase oil production in the South American country could take many years to come to fruition.
The president said an agreement between the countries covered more than 65 billion barrels of reserves. A U.S. official said it would involve a partnership with a private company.
An oil refinery in Punto Fijo, Venezuela, in 2021. Venezuela’s president, Delcy Rodríguez, said a U.S. oil deal would have a “significant impact on our nation’s revival.”
A Chevron-chartered oil tanker was anchored near Maracaibo, Venezuela, in February. Chevron is the only U.S. oil company with a major footprint in the country.
The lawsuit aims to hold fossil fuel companies responsible for a heat wave in Portland five years ago. The industry says the case should be thrown out.
Smaller U.S. oil producers are starting to drill more wells, but big companies like Exxon Mobil and Chevron have said they are not changing their plans as a result of the war with Iran.
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