Chevron to Double Oil Production in Venezuela with $7 Billion Investment

Chevron has announced plans to double its oil production in Venezuela over the next five years. The company will invest $7 billion to increase output to approximately 600,000 barrels per day.

This expansion comes amid Venezuela's vast proven reserves, totaling more than 303 billion barrels, according to OPEC's 2025 Annual Statistical Bulletin.

President Donald Trump has been advocating for increased U.S. involvement in Venezuela's oil industry, viewing it as a step away from reliance on Middle Eastern oil.