Chevron Expands Operations in Venezuela Amid Trump-Era Oil Deal

US oil giant Chevron has confirmed it will expand its operations in Venezuela after President Donald Trump announced an ambitious deal to develop the nation's oil reserves and give the Pentagon a stake in the profits.

Chevron, the only US oil company with a major presence in Venezuela, said it has been assigned additional acreage in the Orinoco Belt, where it has active operations. The company plans to invest more than $7 billion over the next five years, aiming to double its current production to around 600,000 barrels per day.

Venezuela holds the world's largest proven oil reserves, totaling more than 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 just over 1 million barrels.

Energy Secretary Chris Wright said that President Trump's mission in Venezuela is 'straightforward: bring peace, freedom, opportunity, and prosperity to the people of Venezuela.' He expressed confidence that deals signed today will be crucial in starting this process.