Chevron Doubles Down on Venezuela Oil Bet Amid Trump Push

US oil giant Chevron has confirmed it will expand its operations in Venezuela after President Donald Trump announced an ambitious deal to develop the nation's oil reserves and give the Pentagon a stake in the profits.

The company plans to invest over $7 billion over the next five years, with the goal of more than doubling production from its 2026 level to approximately 600,000 barrels a day.

Chevron has had a presence in Venezuela since 1923 and currently operates joint ventures, Petroindependencia and Petropiar S.A., which operate extra-heavy oil projects in the Orinoco Oil Belt.

Trump's deal with Venezuela aims to tap into its massive oil reserves, totaling over 303 billion barrels of crude oil, according to OPEC's 2025 Annual Statistical Bulletin.