Chevron Commits $7 Billion to Bolster Venezuelan Oil Operations
US oil giant Chevron has confirmed it will expand its operations in Venezuela, marking a significant development in the country's oil industry. The company will invest more than $7 billion over the next five years to increase production from approximately 300,000 barrels a day in 2026 to around 600,000 barrels per day.
Chevron has been operating in Venezuela since 1923 and currently has an established position in the Orinoco Belt. The company's joint ventures, Petroindependencia and Petropiar, S.A., operate extra-heavy oil projects in the region.
The announcement comes days after President Donald Trump revealed a deal to develop Venezuela's oil reserves and grant the Pentagon a stake in the profits. Chevron CEO Mike Wirth stated that the company is strengthening its portfolio by investing in Venezuela, which he believes can deliver 'attractive low-cost oil growth'.