Chevron Commits Billions to Expanding Oil Operations in Venezuela
US oil giant Chevron has announced plans to expand its operations in Venezuela, just days after President Donald Trump revealed an ambitious deal to develop the nation's oil reserves. The company will invest more than $7 billion over five years and nearly double production to around 600,000 barrels per day by 2026.
Chevron's CEO Mike Wirth said that the expansion reflects the company's confidence in Venezuela's deep resource potential and its ability to compete for investment. The announcement comes as part of Trump's push to tap into Venezuela's oil industry, with a White House official confirming on Monday that it is partnering with North American Blue Energy Partners.
However, analysts have expressed skepticism about the deal, citing the challenges in reviving Venezuela's production after years of neglect. Energy experts also raised concerns about the legitimacy of the agreement, which grants 100-year rights over 17 oil fields with reserves of 65 billion barrels to Chevron and its partners.