Chevron Doubles Down on Venezuelan Oil Venture Amid Trump-Backed Deal
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 plans to invest more than $7 billion over the next five years, with the goal of more than doubling production from its 2026 level to approximately 600,000 barrels a day.
Chevron has had a presence in Venezuela since 1923 and currently operates extra-heavy oil projects in the Orinoco Oil Belt. The company's CEO, Mike Wirth, stated that Chevron's expanded position reflects its confidence in the country's deep resource potential and its ability to compete for investment.
The deal has been met with skepticism from analysts who say it will take years to revive Venezuela's oil industry, which is in disarray after years of neglect. There are also questions about whether Venezuela's acting president, Delcy Rodríguez, has the authority to give Chevron 100-year rights over 17 oil fields with reserves of 65 billion barrels.