Chevron Doubles Down on Venezuelan Oil with $7 Billion Investment
US oil giant Chevron has confirmed plans to expand its operations in Venezuela, just days after President Donald Trump announced an ambitious deal to develop the nation's oil reserves. The company will invest over $7 billion in additional acreage in the Orinoco Belt, where it already has a significant presence.
Chevron CEO Mike Wirth said the expanded position reflects the company's confidence in Venezuela's deep resource potential and its ability to compete for investment within their portfolio. The new joint venture is expected to more than double production to approximately 600,000 barrels per day by 2026.
Venezuela holds the world's largest proven oil 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 to 1.2 million barrels per day due to factors such as political instability and international sanctions.
The announcement comes amid skepticism from analysts who say it will take years to revive Venezuela's oil industry, which has been neglected for decades. Energy experts have also questioned whether Venezuela's acting President Delcy Rodríguez has the legal authority to grant Chevron 100-year rights over 17 oil fields with reserves of 65 billion barrels.