Chevron Doubles Down on Venezuela Oil Plans

Chevron has confirmed it will expand its operations in Venezuela, investing over $7 billion to double oil production. The move comes after President Donald Trump announced a deal to develop the country's oil reserves and give the Pentagon a stake in the profits.

The expansion is expected to take place over the next five years and will see Chevron produce approximately 600,000 barrels of oil per day. Venezuela holds the world's largest proven oil reserves, with more than 303 billion barrels of crude oil, according to OPEC's 2025 Annual Statistical Bulletin.

The announcement has been met with skepticism from analysts who say it will take years to revive Venezuela's oil industry, which is in disarray after years of neglect. Energy experts have also questioned the legality of the agreement, citing concerns over President Delcy Rodríguez's authority to give Chevron 100-year rights over 17 oil fields.