Chevron Commits $7B to Expand Operations in Venezuela Amid Trump-Backed Deal
US oil giant Chevron has confirmed it will expand its operations in Venezuela after President Donald Trump announced a deal to develop the nation's oil reserves and give the Pentagon a stake in the profits.
Chevron, the only US oil company with a major presence in Venezuela, said it has been assigned additional acreage in the Orinoco Belt, where it currently operates. The company plans to invest more than $7 billion over the next five years, aiming to double its current production to around 600,000 barrels per day.
Venezuela holds the world's largest proven oil reserves, with over 303 billion barrels of crude oil, according to OPEC's 2025 Annual Statistical Bulletin. However, due to degraded energy infrastructure and international sanctions, Venezuela's daily production is limited to just over 1 million barrels, compared to Saudi Arabia's 10-11 million barrels per day.
Chevron has had a presence in Venezuela since 1923, and CEO Mike Wirth stated that the expanded position reflects the company's confidence in the country's deep resource potential. Energy Secretary Chris Wright expressed similar optimism, saying that the deal will 'take resources underground and bring them to the surface' to benefit both Americans and Venezuelans.