Chevron Expands Operations in Venezuela Amid Trump-Backed Oil Push

Chevron, an American oil giant, has announced that it will expand its operations in Venezuela. The company plans to invest over $7 billion in the country's Orinoco Belt, where it already operates, and aims to double production from 2026 levels to around 600,000 barrels per day.

Chevron CEO Mike Wirth stated that the company has been assigned additional acreage in the Orinoco Belt and believes in Venezuela's potential to compete for investment within its portfolio. The country holds over 303 billion barrels of proven oil reserves, according to OPEC's 2025 Annual Statistical Bulletin.

The White House confirmed that it is partnering with North American Blue Energy Partners as part of President Donald Trump's push to tap into Venezuela's oil industry. However, analysts have expressed skepticism about the deal, citing the country's severely degraded energy infrastructure and international sanctions.