Chevron Doubles Down on Venezuelan Oil

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

Chevron, the only US oil company with a major presence in Venezuela, said it has been assigned additional acreage in the Orinoco Belt and plans to invest more than $7 billion over the next five years.

The goal is to more than double its current production to about 600,000 barrels a day. Chevron CEO Mike Wirth said the expanded position reflects 'our confidence in the country's deep resource potential.'

Venezuela holds the world's largest proven reserves, totaling over 303 billion barrels of crude oil, according to OPEC's 2025 Annual Statistical Bulletin.