Updated

Chevron is increasing its rig count in Venezuela as part of an expanded bet on the country's oil production, according to new reporting. The move signals the company's continued commitment to Venezuelan operations despite the geopolitical complexities surrounding U.S. sanctions policy toward the country. The expansion comes as energy majors reassess exposure to Venezuela amid shifting U.S. policy signals. Details on the scale of the rig additions and expected production impact were not fully specified in the report.