Chevron Expands Operations in Venezuela with $7 Billion Investment
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 the country, said it has been assigned additional acreage in the Orinoco Belt, where the company already has an established position. Joint venture plans include investing more than $7 billion over the next five years, which would more than double production to approximately 600,000 barrels a day compared to 2026.
Chevron CEO Mike Wirth said the expanded position reflects the company's confidence in Venezuela's deep resource potential and its ability to compete for investment within their portfolio for decades. The deal comes as Trump has been pressing to get US businesses to restore a presence in the country, with his aides calling it a path away from reliance on oil from the Middle East.