Chevron Expands Operations in Venezuela Amid Trump-Backed Oil Development Deal
US oil giant Chevron has announced it will expand its operations in Venezuela, just days after President Donald Trump unveiled an ambitious deal to develop the nation's oil reserves and give the Pentagon a stake in the profits.
Chevron said it has been assigned additional acreage in the Orinoco Belt, where it already has operations. The company plans to invest more than $7 billion over the next five years, aiming to double its production from 2026 levels to approximately 600,000 barrels a day.
Venezuela holds the world's largest proven oil reserves, with over 303 billion barrels of crude oil, according to OPEC's 2025 Annual Statistical Bulletin. However, due to severely degraded energy infrastructure and international sanctions, its daily production is around 1 million barrels, compared to Saudi Arabia's 10-11 million barrels per day.
The White House has confirmed that it is partnering with North American Blue Energy Partners as part of Trump's push to tap into Venezuela's oil industry. However, analysts have expressed skepticism, saying it will take years to revive the nation's oil industry, which has been neglected for decades.