NewzNEW YORK (AP) — Oil giant Chevron confirmed that 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 with a major presence in the country, said Wednesday that it has been assigned additional acreage in the Orinoco Belt, where it already has operations. The company plans to invest more than $7 billion over the next five years, with the goal of more than doubling production from its 2026 level to approximately 600,000 barrels a day.“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.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.Yet because Venezuela's the energy infrastructure is severely degraded and the nation is operating under international sanctions, its daily production is just over 1 million barrels, compared with the 10 million to 11 million barrels that Saudi Arabia produces each day. produces almost 14 million barrels per day.Chevron, the second-largest U.S. oil company, has had a presence in Venezuela since 1923.
Its joint ventures, Petroindependencia and Petropiar S.A., operate extra-heavy oil projects in the Orinoco Oil Belt, while Petroboscan, S.A. is located in the Zulia State in western Venezuela.The White House confirmed Monday that it is partnering with North American Blue Energy Partners as part of Trump ’s push to tap into Venezuela’s oil industry.“What we’re doing is increasing the confidence for private businesses to come do deals in Venezuela, directly with the government of Venezuela," Energy Secretary Chris Wright said during an interview Wednesday on CNBC.Yet the agreement has been met with skepticism from analysts who say it will take years to revive Venezuela’s oil industry, which is in disarray after years of neglect.There are also questions about whether Venezuela’s acting president, Delcy Rodríguez has the authority to give Chevron 100-year rights over 17 oil fiel… Oil giant Chevron confirmed that it will expand its operations in Venezuela, just days after President Donald Trump announced an ambitious deal to develop the nations 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.Chevrons history in Venezuela spans more than a century, and our expanded position reflects our confidence in the countrys 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 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.RELATED STORY | Trump meets with oil executives at White House in push to lower gas pricesChevron, the second-largest U.S. Its joint ventures Petroindependencia and Petropiar, S.A. operate extra-heavy oil projects in the Orinoco Oil Belt, while Petroboscan, S.A.
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