Chevron Expands Operations in Venezuela Amid US 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. According to a statement from CEO Mike Wirth, Chevron plans to invest more than $7 billion over the next five years to double its current production to around 600,000 barrels per day.

The expansion follows a US deal with Venezuela, which has been met with skepticism from energy experts who say it will take years to revive the country's oil industry. The agreement includes a joint venture between Chevron and other energy companies, including Italian oil company Eni, to develop Venezuela's Orinoco Belt.

Venezuela holds the world's largest proven reserves, totaling over 303 billion barrels of crude oil, according to OPEC's 2025 Annual Statistical Bulletin. However, its daily production is just over 1 million barrels due to severely degraded energy infrastructure and international sanctions.