Chevron Doubles Down on Venezuelan Oil Expansion
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 nation'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 over $7 billion over the next five years, more than doubling production to approximately 600,000 barrels a day compared with 2026.
Chevron's CEO Mike Wirth said in a statement that the company is confident in Venezuela's deep resource potential and its ability to compete for investment within their portfolio for decades. The expanded position will allow Chevron to deliver attractive low-cost oil growth, support energy supply, and create differentiated long-term value.
Venezuela holds the world's largest proven reserves, totaling over 303 billion barrels of crude oil, according to OPEC's 2025 Annual Statistical Bulletin. However, the country's current oil output is only about 1.1-1.2 million barrels per day due to factors such as political instability and international sanctions.