Chevron Expands in Venezuela Amid Trump's Ambitious Oil Development Deal
US oil giant Chevron has confirmed it will expand operations in Venezuela after President Donald Trump announced an ambitious deal to develop the nation's oil reserves and give the Pentagon a stake in the profits.
Chevron, the only US oil company with a major presence in Venezuela, said it has been assigned additional acreage in the Orinoco Belt, where it has active operations. The company plans to invest more than $7 billion over the next five years, with the goal of doubling its current production to about 600,000 barrels a day.
Venezuela holds the world's largest proven reserves, totaling more than 303 billion barrels of crude oil, according to OPEC's 2025 Annual Statistical Bulletin. However, because Venezuela's energy infrastructure is severely degraded and the nation is operating under international sanctions, its daily production is just over 1 million barrels.
Trump has eyed Venezuela's oil since the capture of Nicolás Maduro and has pressed to get US businesses back into the country. Energy Secretary Chris Wright said in Caracas, 'President Trump's mission in Venezuela is straightforward. The mission is to bring peace freedom opportunity and prosperity to the people of Venezuela.'