Chevron Doubles Down on Venezuela with $7 Billion Investment
US oil giant Chevron has confirmed it will expand its operations in Venezuela, just days after President Donald Trump announced an ambitious deal to develop the country's oil reserves and give the Pentagon a stake in the profits.
The company said it has been assigned additional acreage in the Orinoco Belt, where it already has an established position. Joint venture plans include investing more than $7 billion over the next five years, which is expected to more than double production to approximately 600,000 barrels a day by 2026.
Chevron CEO Mike Wirth said the company's history in Venezuela spans over a century, and its expanded position reflects its confidence in the country's deep resource potential. He noted that improved terms and additional acreage will strengthen the company's portfolio and deliver attractive low-cost oil growth.