Chevron Doubles Down on Venezuela with $7 Billion Investment
US oil giant Chevron has announced it will expand its operations in Venezuela, just days after President Donald Trump revealed an ambitious deal to develop the nation's oil reserves and give the Pentagon a stake in the profits.
The company will invest more than $7 billion over the next five years, with production expected to increase from around 300,000 barrels per day to approximately 600,000 barrels a day by 2026. Chevron CEO Mike Wirth stated that the expanded position reflects the company's confidence in Venezuela's deep resource potential and its ability to compete for investment.
The announcement comes as part of Trump's push to tap into Venezuela's oil industry, with the White House confirming a partnership with North American Blue Energy Partners. However, energy experts have questioned whether Venezuela's acting President Delcy Rodríguez has the legal authority to grant 100-year rights over 17 oil fields.