Chevron Expands Operations in Venezuela Amid Oil Deal Controversy
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.
The company plans to invest more than $7 billion over the next five years, aiming to double its current production to about 600,000 barrels a day.
Venezuela holds the world's largest proven oil reserves, totaling more than 303 billion barrels of crude, according to OPEC's 2025 Annual Statistical Bulletin. However, due to degraded energy infrastructure and international sanctions, daily production is just over 1 million barrels.
The expansion follows a deal between the US and Venezuela, with the White House partnering with North American Blue Energy Partners (NABEP) as part of Trump's push to tap into Venezuela's oil industry.