Chevron Doubles Down on Venezuela Oil Expansion
US oil giant Chevron has announced plans to expand its operations in Venezuela, investing over $7 billion over five years. The company aims to more than double its production from 2026's level of approximately 600,000 barrels a day.
The Orinoco Belt is the target of Chevron's expansion, where it already operates. This region holds significant oil reserves, with Venezuela boasting the world's largest proven reserves at over 303 billion barrels, according to OPEC's 2025 Annual Statistical Bulletin.
The White House has confirmed a partnership with North American Blue Energy Partners as part of President Trump's initiative to tap into Venezuela's oil industry. However, analysts have expressed skepticism about the deal's feasibility and potential challenges in reviving Venezuela's oil infrastructure.
Evidence suggests that Chevron's decision may be influenced by its long history in Venezuela, dating back to 1923. Despite nationalizations in 1976 and 2007, Chevron has managed to maintain a presence through joint ventures with the state-owned company Petróleos de Venezuela S.A.