Chevron Doubles Down on Venezuela Oil Production Plans
Chevron plans to double its oil production in Venezuela over the next five years, investing $7 billion to increase output to approximately 600,000 barrels per day. This expansion follows a recent deal between President Donald Trump and Venezuela's government to develop Venezuelan oil fields, which contain about 65 billion barrels of petroleum.
The company's history in Venezuela dates back over a century, with Chevron currently operating in the Orinoco Belt through joint ventures like Petroindependencia and Petropiar, S.A. According to OPEC's 2025 Annual Statistical Bulletin, Venezuela has vast proven reserves totaling more than 303 billion barrels.
However, experts warn that it will take years to revive the industry and require significant investment due to Venezuela's dilapidated oil infrastructure. Chevron's CEO, Mike Wirth, stated, 'We are strengthening a portfolio that we believe can deliver attractive low-cost oil growth.'