Chevron Expands Venezuelan Operations Amid Trump-Led Oil Deal
US oil giant Chevron has confirmed it will expand its operations in Venezuela, just days after President Donald Trump announced an ambitious deal to develop the nation's oil reserves.
The company said Wednesday that it has been assigned additional acreage in the Orinoco Belt, where Chevron has an established position. Joint venture plans include investing more than $7 billion over the next five years, more than doubling production to approximately 600,000 barrels a day compared to 2026.
Chevron is the second-largest US oil company and the only one with a major presence in Venezuela. It has had a presence in the country since 1923. Its joint ventures Petroindependencia and Petropiar, S.A. operate extra-heavy oil projects in the Orinoco Oil Belt.