Chevron Expands Operations in Venezuela Amid Trump-Backed Oil Deal
US oil giant Chevron has announced plans to expand its operations in Venezuela, just days after President Donald Trump unveiled an ambitious deal to develop the nation's oil reserves.
The company said it has been assigned additional acreage in the Orinoco Belt, where it already has a established position. Joint venture plans include investing more than $7 billion over the next five years, with the aim of doubling production to approximately 600,000 barrels a day compared to 2026.
Chevron's CEO Mike Wirth said in a statement that the company is 'strengthening a portfolio that we believe can deliver attractive low-cost oil growth' and create long-term value. Chevron has had a presence in Venezuela since 1923, making it the only major US oil company with operations in the country.
The announcement comes as part of Trump's push to tap into Venezuela's oil industry, which is seen as a way to reduce reliance on Middle Eastern oil. However, analysts have expressed skepticism about the deal, citing concerns over the legal authority of Venezuela's acting President Delcy Rodríguez and the potential for future administrations to overturn the agreement.