Chevron Doubles Down on Venezuela with $7 Billion Investment Plan
US oil giant Chevron announced that it will expand its operations in Venezuela, investing more than $7 billion over the next five years. The company plans to increase production from its current level of approximately 300,000 barrels a day to around 600,000 barrels a day by 2026.
Chevron's expansion is part of the US government's ambitious plan to tap into Venezuela's oil reserves, which total over 303 billion barrels. The country holds the largest proven reserves in the world, according to OPEC's 2025 Annual Statistical Bulletin.
The agreement has been met with skepticism from analysts who question whether it will take years to revive Venezuela's oil industry, which is severely degraded due to years of neglect and international sanctions. Energy Secretary Chris Wright said that the deal aims to increase confidence in private businesses investing in Venezuela, but critics argue that the arrangement lacks legitimacy due to its approval by a dictatorship.
Chevron has had a presence in Venezuela since 1923 and operates joint ventures with state-owned companies in the Orinoco Oil Belt. The company's CEO, Mike Wirth, stated that Chevron is committed to investing in Venezuela and sees it as a long-term opportunity.