Chevron Doubles Down on Venezuela Oil Investments

US oil giant Chevron is expanding its operations in Venezuela following an ambitious deal between President Donald Trump and Venezuela to develop the nation's oil reserves.

The company has been assigned additional acreage in the Orinoco Belt, where it already has a major presence. Chevron will invest more than $7 billion over the next five years as part of its joint ventures, which include Petroindependencia and Petropiar, S.A.

As a result of this investment, production is expected to increase by approximately 600,000 barrels per day compared to 2026, effectively doubling output. Chevron's joint ventures operate extra-heavy oil projects in the Orinoco Oil Belt and are located in various regions within Venezuela, including the Zulia State.