Chevron to Expand Venezuela Operations After Trump Oil Deal
The oil giant plans to invest more than $7 billion over five years and more than double production in the Orinoco Belt.
Chevron confirmed Wednesday that it will expand its operations in Venezuela, days after President Donald Trump announced a deal to develop the country's oil reserves that would give the Pentagon a stake in the profits.
The company said it has been assigned additional acreage in the Orinoco Belt, where it already holds an established position. Under joint venture plans, Chevron intends to invest more than $7 billion over the next five years, aiming to more than double production to approximately 600,000 barrels a day compared with 2026 levels.
The announcement followed a briefing from a U.S. official who told reporters that Chevron officials and Energy Secretary Chris Wright were expected to travel to Venezuela on Wednesday, where the new investment would be formally unveiled. The official spoke on condition of anonymity under ground rules set by the White House.
Chevron is the second-largest U.S. oil company and the only one with a major presence in Venezuela, where it has operated since 1923. Its joint ventures Petroindependencia and Petropiar, S.A. run extra-heavy oil projects in the Orinoco Oil Belt, while Petroboscan, S.A. operates in Zulia State in western Venezuela.
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