Chevron Doubles Down on Venezuela with $7 Billion Investment Plan

Chevron, the sole U.S. oil company operating in Venezuela, has been assigned additional acreage in the Orinoco Belt, where it already holds a significant position.

The joint venture plans to invest more than $7 billion over five years, with production expected to double from 2026 levels to approximately 600,000 barrels per day.

Chevron's CEO Mike Wirth stated that the company has 'confidence in Venezuela's deep resource potential and its ability to compete for investment within our portfolio for decades.'

Venezuela holds the world's largest proven oil reserves, with over 303 billion barrels of crude oil according to OPEC's 2025 Annual Statistical Bulletin.