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Chevron Commits $7 Billion to Expand Operations in Venezuela

Guavy AI Editorial Team Published September 4, 2026

Instruments

CVX

Chevron, one of the largest US oil companies, has confirmed it will expand its operations in Venezuela. The company has been assigned additional acreage in the Orinoco Belt, where it already has an established position.

According to Chevron's CEO Mike Wirth, the expanded position reflects their confidence in Venezuela's deep resource potential and ability to compete for investment within their portfolio for decades.

The new joint venture plans include investing more than $7 billion over the next five years, with production expected to increase by 100% to approximately 600,000 barrels a day compared to current levels.

President Donald Trump's administration has been pushing US businesses to restore their presence in Venezuela, and Chevron is the only major US oil company currently operating in the country.

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