Chevron Doubles Down on Venezuelan Oil Expansion

US Energy Secretary Chris Wright announced a major expansion of Chevron's operations in Venezuela during a visit to Caracas. The energy giant plans to invest more than $7 billion over the next five years, with a goal of increasing production to about 600,000 barrels per day.

This is nearly double the current output and represents a significant commitment from one of the world's largest oil companies. Chevron has operated in Venezuela since 1923 and remains the only major US oil company with an established presence in the country.

The expansion comes as part of a broader effort by the Trump administration to increase American investment in Venezuela's massive oil reserves. The country holds more than 303 billion barrels of proven crude oil reserves, according to OPEC's 2025 Annual Statistical Bulletin.

Despite these reserves, production has fallen sharply from its peak of over 3 million barrels per day in the late 1990s. Decades of socialist mismanagement and chronic underinvestment have crippled Venezuela's oil industry.