Chevron announces deal to expand its oil production in Venezuela
Chevron announced early Wednesday that it has reached an agreement to expand its oil production in Venezuela. Chevron said that it has been assigned additional acreage in the Orinoco Belt, where it has an established position. Joint venture plans include investing more than $7 billion over the next five years and increasing production to approximately...
Chevron, the only major US oil company operating in Venezuela, has announced an ambitious plan to expand its operations in the country with a $7 billion investment over the next five years. The company, which has been present in Venezuela since 1923, has been awarded additional acreage in the Orinoco Belt, a region where it already holds a strong position.
CEO Mike Wirth expressed confidence in Venezuela's resource potential, stating that the expanded presence reflects their belief in the country's ability to compete for investment.
Venezuela holds the world's largest proven crude oil reserves, totaling over 303 billion barrels, according to OPEC's 2025 Annual Statistical Bulletin. The announcement follows President Donald Trump's deal to develop the nation's oil reserves and give the Pentagon a stake in the profits. The deal has faced skepticism from analysts, who question whether Venezuela's acting President Delcy Rodriguez has the legal authority to grant the company 100-year rights over 17 oilfields with significant reserves.
Despite these concerns, Trump has been pushing for US businesses to invest in Venezuela, with other major oil companies reportedly considering their options.
Written by urgent.news from South China Morning Post's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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