Chevron to expand Venezuela oil operations with US$7 billion plan

Oil giant Chevron confirmed that it would 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 US oil company that has a major presence in the country, said on Wednesday that it had been assigned additional acreage in the Orinoco Belt, where the company had an established position. Joint venture plans include investing more than US$7 billion over the next five years, more than doubling production to around 600,000 barrels per 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, totalling 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.

The announcement comes a day after a US 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.

Chevron is the second-largest US oil company and the only one with a major presence in Venezuela. It has had a presence in the country since 1923. Its joint ventures Petroindependencia and Petropiar operate extra-heavy oil projects in the Orinoco Oil Belt, while Petroboscan is located in Zulia state in western Venezuela.