Chevron Pours Billions into Venezuelan Oil Expansion
US oil giant Chevron has confirmed plans to expand its operations in Venezuela, despite ongoing tensions between the two countries. The company will invest over $7 billion in additional acreage in the Orinoco Belt over the next five years.
The move comes on the heels of a deal announced by President Donald Trump to develop Venezuela's oil reserves and give the Pentagon a stake in the profits. Chevron's expanded position reflects its confidence in Venezuela's deep resource potential and ability to compete for investment within its portfolio.
CEO Mike Wirth stated that the company's history in Venezuela spans over a century, and it has been assigned additional acreage in the Orinoco Belt. The joint venture plans aim to more than double production to approximately 600,000 barrels per day by 2026 compared to current levels.