Chevron Expands Operations in Venezuela Amid Joint Venture Plans
US oil giant Chevron has confirmed it will expand its operations in Venezuela, just days after President Donald Trump announced an ambitious deal to develop the nation's oil reserves and give the Pentagon a stake in the profits.
The company has been assigned additional acreage in the Orinoco Belt, where it already has a significant presence. Joint venture plans include investing more than $7 billion over the next five years, with production expected to increase by nearly double to approximately 600,000 barrels per day compared to 2026.
Chevron is the only US oil company with a major presence in Venezuela. The expansion plans come amid a renewed interest in developing Venezuela's oil reserves, which are estimated to be among the largest in the world.