Chevron Doubles Down on Venezuela with $7 Billion Investment

US oil giant Chevron has announced plans to expand its operations in Venezuela, where it will invest over $7 billion over the next five years. This move comes after President Donald Trump revealed a deal to develop Venezuela's oil reserves and give the Pentagon a stake in the profits.

The company will be assigned additional acreage in the Orinoco Belt, where it already has an established position. Chevron's CEO, Mike Wirth, stated that the expanded position reflects the company's confidence in Venezuela's deep resource potential.

Venezuela holds the world's largest proven reserves, with over 303 billion barrels of crude oil, according to OPEC's 2025 Annual Statistical Bulletin. The new investment is expected to more than double production to approximately 600,000 barrels a day compared to 2026.

The deal has been met with skepticism from analysts who say it will take years to revive Venezuela's production, which has been in disarray after years of neglect.