Chevron Doubles Down on Venezuelan Oil with $7 Billion Investment Plan

US oil giant Chevron plans to expand its operations in Venezuela with a $7 billion investment over five years. The company will double its current production to around 600,000 barrels per day. Chevron has been assigned additional acreage in the Orinoco Belt, where it already has active operations.

Venezuela holds the world's largest proven oil reserves, exceeding 303 billion barrels, according to OPEC's 2025 Annual Statistical Bulletin. However, due to damaged energy infrastructure and international sanctions, Venezuela's daily production is significantly lower than its potential. The country currently produces around 1 million barrels per day.

US Energy Secretary Chris Wright met with Venezuelan acting President Delcy Rodriguez in Caracas on Wednesday. Chevron CEO Mike Wirth stated that the company's expansion reflects its confidence in Venezuela's resource potential, dating back over a century.