Chevron Doubles Down on Venezuela Oil with $7 Billion Investment Plan

Oil giant Chevron is expanding its operations in Venezuela as part of a major deal announced by US President Donald Trump. The company has been assigned additional acreage in the Orinoco Belt, where it already operates.

Chevron plans to invest over $7 billion over the next five years, aiming to double its current production to around 600,000 barrels per day. This would make it one of the largest oil producers in Venezuela.

Venezuela holds the world's largest proven reserves, with a total of more than 303 billion barrels of crude oil, according to OPEC's 2025 Annual Statistical Bulletin. However, due to international sanctions and degraded energy infrastructure, daily production is significantly lower at around 1 million barrels per day.