Chevron Taps Venezuela for Billions in Oil 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.

The company plans to invest more than $7 billion over the next five years, with the goal of doubling its current production to about 600,000 barrels a day.

Venezuela holds the world's largest proven oil reserves, totaling over 303 billion barrels of crude oil, according to OPEC's 2025 Annual Statistical Bulletin.

The agreement has been met with skepticism from energy experts who say it will take years to revive Venezuela's oil industry, which is in disarray after years of neglect.