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    "headline": "Chevron Confirms Expansion in Venezuela Amid Trump Deal",
    "dek": "Chevron confirms it will expand operations in Venezuela with a $7 billion investment over five years.",
    "prose": "Oil giant Chevron confirmed on Wednesday that it will expand its operations in Venezuela. [^1]\n\nThe agreement targets a daily oil production increase to 1.5 million barrels to develop 65 billion barrels of proven reserves. [^2]\n\nVenezuelan President Delcy Rodriguez announced a 25-year oil agreement with the United States during a press conference. [^3]\n\nUS Energy Secretary Chris Wright is traveling to Venezuela on Tuesday to finalize a new contract for Chevron to expand its operations in the Orinoco belt. [^4]\n\nChevron announced joint venture plans include investing more than $7 billion over the next five years. [^5]\n\nChevron stated it has been assigned additional acreage in the Orinoco Belt, where the company has an established position. [^6]\n\nThe deal includes US investment of over $100 billion and promises Venezuela up to $209 billion in taxes and royalties. [^7]\n\nUS President Donald Trump described the deal as a historic transaction that will double US oil reserves and lower gasoline prices. [^8]\n\nA US official stated that the visit is expected to result in an announcement expanding Chevron's current operations and increasing Venezuela's oil production capacity. [^9]\n\nChevron has been negotiating rights to operate oil fields located in the Venezuelan state of Carabobo, which are believed to hold billions of barrels of heavy crude reserves. [^10]\n\nThe Trump administration previously approved an agreement for North American Blue Energy Partners (NABEP) to explore 20% of Venezuela's proven crude reserves. [^11]",
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