Chevron Expands Operations in Venezuela Amid Trump-Backed Oil Deal

US oil giant Chevron confirmed it will expand its operations in Venezuela after President Donald Trump announced an ambitious deal to develop the nation's oil reserves and give the Pentagon a stake in the profits.

Chevron, the only US oil company with a major presence in Venezuela, said Wednesday that it has been assigned additional acreage in the Orinoco Belt, where it has active operations. The company plans to invest more than $7 billion over the next five years, with the goal of more than doubling its current production to about 600,000 barrels a day.

'Chevron's history in Venezuela spans more than a century, and our expanded position reflects our confidence in the country's deep resource potential,' CEO Mike Wirth said. Venezuela holds the world's largest proven reserves, totaling more than 303 billion barrels of crude oil, according to OPEC's 2025 Annual Statistical Bulletin.

However, the agreement has been met with skepticism from energy experts who say it will take years to revive Venezuela's oil industry, which is in disarray after years of neglect. Energy Secretary Chris Wright said that what they're doing 'is increasing the confidence for private businesses to come do deals in Venezuela, directly with the government of Venezuela.'

The White House confirmed Monday that it is partnering with North American Blue Energy Partners as part of Trump's push to tap into Venezuela's oil industry. However, analyst have repeatedly warned that Venezuela's dilapidated oil infrastructure will require years of restoration work and tens of billions of dollars to resuscitate.