Chevron Expands Operations in Venezuela Amid Trump-Backed Oil Push

US oil giant Chevron has confirmed it will expand its operations in Venezuela. The company has been assigned additional acreage in the Orinoco Belt, where it has an established position. Joint venture plans include investing more than $7 billion over the next five years, with a goal of more than doubling production to approximately 600,000 barrels a day compared with current levels.

Chevron's CEO Mike Wirth said in a statement that the company is strengthening its portfolio and believes it can deliver attractive low-cost oil growth, support energy supply, and create differentiated long-term value. Chevron has had a presence in Venezuela since 1923 and currently operates extra-heavy oil projects in the Orinoco Oil Belt through joint ventures.

The announcement comes as part of President Donald Trump's push to tap into Venezuela's oil industry, with the White House partnering with North American Blue Energy Partners. However, experts have questioned whether the agreement will be successful, citing years of neglect and international sanctions that have left Venezuela's oil infrastructure in disarray.