Chevron Doubles Down on Venezuelan Oil Plans Amid Trump Deal
US oil giant Chevron has confirmed it will expand its operations in Venezuela, investing over $7 billion over the next five years to nearly double production from 2026 levels. The company plans to increase output to approximately 600,000 barrels a day, up from its current level. This move comes after President Donald Trump announced an ambitious deal to develop Venezuela's oil reserves and give the Pentagon a stake in the profits.
Chevron's expanded position reflects its confidence in Venezuela's deep resource potential and ability to compete for investment within its portfolio. The company has been operating in Venezuela since 1923, with joint ventures like Petroindependencia and Petropiar S.A. already present in the Orinoco Oil Belt.
However, analysts have expressed skepticism about the agreement, citing years of neglect and deterioration of Venezuela's oil infrastructure. They warn that it will take time to revive the country's oil industry, which is currently producing just over 1 million barrels per day.