Chevron Seeks to Expand Venezuela Oil Operations, Trump Administration in Talks for Up to 100-Year Field Leases

According to media reports, Chevron is in discussions with Venezuelan authorities over operating rights for two additional oil fields. Meanwhile, the Trump administration is seeking unprecedented century-long oil field leases from the Venezuelan side. Since Maduro's departure, Venezuela's daily oil production has increased by nearly 300,000 barrels. However, Venezuela's oil infrastructure is severely aging, and industry estimates suggest it could take more than a decade to restore the country's daily output to 3 million barrels.