Chevron (CVX.US) is finalizing an agreement that will significantly expand its operations in Venezuela by adding two giant oil fields in the Orinoco Belt, as part of efforts driven by U.S. President Trump to boost the South American country's production. According to informed sources, the Texas-based oil company has been negotiating operating rights for oil fields in the Carabobo region, which hold billions of barrels of heavy crude reserves and are adjacent to a large oil field currently opera

Chevron (CVX.US) is finalizing an agreement that will significantly expand its operations in Venezuela by adding two giant oil fields in the Orinoco Belt, according to sources familiar with the matter. The Texas oil company has negotiated operating rights for oil fields in the Carabobo area, which contain billions of barrels of heavy crude reserves and are located near a large field that Chevron already operates through PetroIndependencia, a joint venture established with Venezuela's state-owned oil company Petróleos de Venezuela. The deal Chevron is expected to reach will likely be the largest among several agreements to be announced in the coming days. President Trump is driving for more US capital investment in Venezuela’s oil industry.