Chevron Commits $7 Billion to Expand Operations in Venezuela
US oil giant Chevron has confirmed plans to expand its operations in Venezuela. The company will invest over $7 billion over the next five years, more than doubling production to approximately 600,000 barrels a day by 2026. This expansion is part of President Donald Trump's deal to develop Venezuela's oil reserves and give the Pentagon a stake in the profits.
Chevron has been operating in Venezuela since 1923 and currently has an established position in the Orinoco Belt. The company's CEO, Mike Wirth, stated that Chevron's expanded presence reflects its confidence in Venezuela's resource potential and ability to compete for investment within its portfolio for decades.
Analysts have expressed skepticism about the deal, citing years of neglect and the need for significant restoration work on Venezuela's oil infrastructure. Energy experts also question whether President Delcy Rodríguez has the legal authority to grant 100-year rights over 17 oil fields with reserves of 65 billion barrels.