Chevron Doubles Down on Venezuela Oil Investment

Chevron, one of the largest oil companies in the US, is expanding its operations in Venezuela. The company plans to invest over $7 billion in the country's oil production over the next five years, which will more than double its current output to about 600,000 barrels per day.

This move comes after President Donald Trump announced a deal to rebuild Venezuela's oil reserves and give the Pentagon a stake in the profits. Chevron CEO Mike Wirth said that this investment will support low-cost oil growth, energy supply, and long-term value for the company.

Venezuela has the world's largest oil reserve, with over 303 billion barrels of crude oil, according to OPEC's 2025 Annual Statistical Bulletin. However, its infrastructure is degraded, and the country is operating under international sanctions, bringing its daily production to just over 1 million barrels.