Oil giant Chevron 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 and give the Pentagon a stake in the profits.
Chevron, the only U.S. oil company that has a major presence in the country, said Wednesday that it has been assigned additional acreage in the Orinoco Belt, where the company 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 with 2026.
“Chevron’s history in Venezuela spans more than a century, and our expanded position reflects our confidence in the country’s deep resource potential and its ability to compete for investment within our portfolio for decades,” CEO Mike Wirth said in a prepared statement. “With improved terms and additional acreage, we are strengthening a portfolio that we believe can deliver attractive low-cost oil growth, support energy supply and create differentiated long-term value.”
Venezuela holds the world’s largest proven reserves, totaling more than 303 billion barrels of crude oil, according to OPEC’s 2025 Annual Statistical Bulletin. Saudi Arabia is a distant second with 267 billion barrels. However, Venezuela’s current oil output is only about 1.1 million to 1.2 million barrels per day, due to factors such as political instability and international sanctions.
The announcement comes a day after a U.S. official, who briefed reporters on the expected announcement, said that Chevron officials and Energy Secretary Chris Wright were expected to visit Venezuela on Wednesday when the new investment would be formally unveiled. The official spoke on condition of anonymity under ground rules set by the White House for the call.
The Associated Press has the full story.
