Chevron is negotiating to expand its footprint in Venezuela, aligning with the Trump administration's push to strengthen its influence over the country's oil sector, according to sources familiar with the matter. The Houston-based energy giant is in discussions to incorporate two new oil fields into its existing Venezuelan operations, the sources said, with other American energy companies also exploring fresh investment opportunities in the industry.

Chevron declined to comment on the talks. The potential expansion comes as the Trump administration engages with Venezuelan leadership to secure significant stakes in the nation's oil reserves, which rank among the world's largest. Chevron already operates through a joint venture with Venezuela's state-owned oil company and remains the only major US oil producer still active in the country.

The company currently accounts for roughly one-fifth of Venezuela's oil output, having maintained a local presence for decades. It stayed put even after the Venezuelan government nationalized assets belonging to ExxonMobil and ConocoPhillips in 2007. Earlier reports indicated that Chevron was pursuing broader operations in Venezuela, with additional companies nearing investment agreements and Halliburton in talks to supply oil equipment to the region.