Trump-Backed Chevron Expands Venezuelan Oil Operations with $7 Billion Investment
US oil giant Chevron has announced plans to expand its operations in Venezuela, committing over $7 billion over five years to more than double oil production. The move comes as part of a broader agreement between the Trump administration and Venezuela's government to develop the country's vast oil reserves. Chevron will see its position in the Orinoco Oil Belt strengthened through additional acreage, with CEO Mike Wirth stating that the company is 'strengthening a portfolio that we believe can deliver attractive low-cost oil growth.' The White House has confirmed it is partnering with North American Blue Energy Partners as part of Trump's push to tap into Venezuela's oil industry.
The agreement has been met with skepticism from analysts, who say it will take years to revive Venezuela's oil industry. Energy experts have also questioned the legal authority of acting President Delcy Rodríguez to grant Chevron 100-year rights over 17 oil fields with reserves of 65 billion barrels.