Chevron Doubles Down on Venezuela as Trump Pushes for Oil Rebound

Chevron, the second-largest U.S. oil company, has confirmed it will expand its operations in Venezuela after President Donald Trump announced a deal to develop the nation's oil reserves.

The agreement gives Chevron additional acreage in the Orinoco Belt, where it currently operates. The company plans to invest over $7 billion over five years, aiming to more than double its current production of around 600,000 barrels per day.

Venezuela holds the world's largest proven oil reserves, with over 303 billion barrels, according to OPEC's 2025 Annual Statistical Bulletin. However, due to severely degraded energy infrastructure and international sanctions, daily production is limited to just over 1 million barrels.

Energy experts have expressed skepticism about the deal, citing the time it will take to revive Venezuela's oil industry, which has been neglected for years. They also question the legitimacy of the agreement, given that it was reached with a government criticized for human rights abuses and electoral fraud.