Oil giant Chevron confirmed on Wednesday that it will expand its operations in Venezuela. ^[1] The agreement targets a daily oil production increase to 1.5 million barrels to develop 65 billion barrels of proven reserves. ^[2] Venezuelan President Delcy Rodriguez announced a 25-year oil agreement with the United States during a press conference. ^[3] US 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] Chevron announced joint venture plans include investing more than $7 billion over the next five years. ^[5] Chevron stated it has been assigned additional acreage in the Orinoco Belt, where the company has an established position. ^[6] The deal includes US investment of over $100 billion and promises Venezuela up to $209 billion in taxes and royalties. ^[7] US President Donald Trump described the deal as a historic transaction that will double US oil reserves and lower gasoline prices. ^[8] A 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] Chevron 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] The Trump administration previously approved an agreement for North American Blue Energy Partners (NABEP) to explore 20% of Venezuela's proven crude reserves. ^[11]