Chevron to Pour Billions into Struggling Venezuelan Oil Industry

US oil giant Chevron has confirmed it will expand its operations in Venezuela, investing over $7 billion over the next five years. The move comes days after President Donald Trump announced a deal to develop Venezuela's oil reserves and give the Pentagon a stake in the profits.

Chevron, which has been operating in Venezuela since 1923, will more than double its production to approximately 600,000 barrels per day by 2026. The company's CEO, Mike Wirth, said the expanded position reflects Chevron's confidence in Venezuela's deep resource potential and ability to compete for investment.

Analysts have expressed skepticism about the deal, saying it will take years to revive Venezuela's oil industry, which has been plagued by neglect and international sanctions. Energy experts also question whether Venezuela's acting President Delcy Rodríguez has the legal authority to grant Chevron 100-year rights over 17 oil fields with reserves of 65 billion barrels.