Chevron Doubles Down on Venezuelan Oil Venture with $7 Billion Investment
US oil giant Chevron is expanding its operations in Venezuela, just days after President Donald Trump announced an ambitious deal to develop the nation's oil reserves.
Chevron, which has been present in Venezuela since 1923, will invest more than $7 billion over the next five years to boost production from around 600,000 barrels a day by 2026 to approximately 1.2 million barrels a day.
The company's CEO, Mike Wirth, stated that Chevron's expanded position reflects its confidence in Venezuela's resource potential and ability to compete for investment within its portfolio for decades.
However, analysts have expressed skepticism about the deal, citing the need for years of restoration work and tens of billions of dollars to revive Venezuela's oil industry, which is currently operating under international sanctions due to its severely degraded energy infrastructure.