Chevron Doubles Down on Venezuela Oil Investment
US oil giant Chevron has confirmed it will expand its operations in Venezuela, investing over $7 billion over the next five years to double production to around 600,000 barrels a day by 2026. The move comes after President Donald Trump announced an ambitious deal to develop the country's oil reserves and give the Pentagon a stake in the profits.
Chevron has been operating in Venezuela since 1923 and currently has joint ventures with Petroindependencia and Petropiar, S.A. in the Orinoco Oil Belt. The company's CEO, Mike Wirth, stated that Chevron is strengthening its portfolio by taking advantage of improved terms and additional acreage.
Venezuela holds the world's largest proven oil reserves at over 303 billion barrels, but its current output is only around 1.1 to 1.2 million barrels per day due to factors such as political instability and international sanctions.