Chevron Doubles Down on Venezuela with $7 Billion Investment

US oil giant Chevron has confirmed its plans to expand operations in Venezuela, following a deal between President Donald Trump and Venezuelan officials. The company will invest over $7 billion over the next five years, more than doubling production to approximately 600,000 barrels a day compared to 2026.

The additional acreage assignment comes in the Orinoco Belt, where Chevron already has an established presence. Joint ventures Petroindependencia and Petropiar, S.A. operate extra-heavy oil projects in the region.

Chevron's expansion is a significant development in Venezuela, where it has had a presence since 1923. The company will be investing more than $1.4 billion per year for five years to support its expanded operations.