Chevron Expands Operations in Venezuela Amid Controversy Over Oil Deal

US oil giant Chevron has confirmed it will expand its operations in Venezuela, with plans to invest over $7 billion over five years and more than double production from approximately 600,000 barrels a day by 2026. The company's CEO, Mike Wirth, stated that the expanded position reflects Chevron's confidence in Venezuela's deep resource potential.

The move comes just days after President Donald Trump announced an ambitious deal to develop Venezuela's oil reserves and give the Pentagon a stake in the profits. According to OPEC's 2025 Annual Statistical Bulletin, Venezuela holds the world's largest proven oil reserves, with over 303 billion barrels of crude oil.

However, experts have expressed skepticism about the agreement, citing years of neglect and the need for restoration work on Venezuela's dilapidated oil infrastructure. Energy Secretary Chris Wright stated that the deal is meant to increase confidence in private businesses investing in Venezuela, but some analysts believe it will take years to revive the country's oil industry.