Chevron Expands Operations in Venezuela with $7 Billion Investment

US oil giant Chevron has confirmed its plans to expand operations in Venezuela. The company will invest over $7 billion over the next five years and increase production by more than doubling it to approximately 600,000 barrels a day compared to 2026. This move comes after President Donald Trump announced an ambitious deal to develop Venezuela's oil reserves and give the Pentagon a stake in the profits.

Chevron has been operating in Venezuela since 1923 and has had a major presence in the country. The company's CEO, Mike Wirth, said that Chevron is strengthening its portfolio with improved terms and additional acreage. He believes that this investment will deliver attractive low-cost oil growth and support energy supply.

However, experts have questioned whether Venezuela's acting President Delcy Rodríguez has the legal authority to give the company 100-year rights over 17 oil fields with reserves of 65 billion barrels. They also expressed concerns about the country's dilapidated oil infrastructure, which will require years of restoration work and tens of billions of dollars.

The announcement comes as part of Trump's push to tap into Venezuela's oil industry. The White House confirmed that it is partnering with North American Blue Energy Partners as part of this effort. Chevron officials and Energy Secretary Chris Wright were expected to visit Venezuela on Wednesday when the new investment would be formally unveiled.