Chevron Expands Operations in Venezuela Amid Trump's Oil Development Push

The 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. The company plans to invest more than $7 billion over the next five years, with the goal of more than doubling its current production to about 600,000 barrels a day.

Chevron CEO Mike Wirth said in a statement that the company's expanded position reflects its confidence in Venezuela's deep resource potential. The country holds the world's largest proven reserves, totaling over 303 billion barrels of crude oil, according to OPEC's 2025 Annual Statistical Bulletin.

However, energy experts have expressed skepticism about the deal, citing the need for years of restoration work and tens of billions of dollars to resuscitate Venezuela's dilapidated oil infrastructure. The national average price for a gallon of regular gasoline jumped overnight to $4.12, according to the motor club AAA.

Trump has said that the agreement with Venezuela would 'substantially lower' gasoline prices in the US. However, analysts have warned that it could take 2 to 4 years to get new greenfield facilities online in the Orinoco region.