Chevron confirms it will invest billions to expand operations in oil-rich Venezuela

Venezuela’s reserves hold more than 303 billion barrels of crude oil.

A woman walks near of a oil storage tank of Venezuela’s state-run oil company, PDVSA in Cabimas, Venezuela, Tuesday, Sep. 1, 2026. [Photo: Ariana Cubillos/AP Photo]

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 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.........

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