Chevron Commits $7 Billion to Expand Venezuelan Oil Operations

Oil giant Chevron has confirmed plans to expand its operations in Venezuela, committing over $7 billion in investment over the next five years. This move comes just days after President Donald Trump announced a deal to develop Venezuela's oil reserves and give the Pentagon a stake in the profits.

Chevron will increase production from its current 2026 level of approximately 300,000 barrels per day to around 600,000 barrels per day by investing more than $7 billion over five years. Chevron has had operations in Venezuela since 1923 and currently operates joint ventures with Petroindependencia and Petropiar S.A.

Venezuela holds the world's largest proven oil reserves at over 303 billion barrels of crude, according to OPEC's 2025 Annual Statistical Bulletin. However, due to severely degraded energy infrastructure and international sanctions, Venezuela's daily production is around 1 million barrels per day, compared to Saudi Arabia's 10-11 million barrels.