Chevron has confirmed it will expand its operations in Venezuela, days after President Donald Trump announced a deal to develop the nation's oil reserves and give the Pentagon a stake in profits. The company said it has been assigned additional acreage in the Orinoco Belt, with joint venture plans to invest over $7 billion in the next five years, more than doubling production to about 600,000 barrels a day compared to 2026. CEO Mike Wirth expressed confidence in the country's resource potential, citing improved terms and additional acreage. The announcement follows a U.S. official's briefing that Chevron officials and Energy Secretary Chris Wright were expected to visit Venezuela to formally unveil the investment. Chevron, the second-largest U.S. oil company, has had a presence in Venezuela since 1923 and operates joint ventures in the Orinoco Oil Belt and Zulia State.
Chevron CorpChevron expands Venezuela operations with $7B investment, boosting production capacity.
