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

Chevron, the only U.S. oil company with a major presence in Venezuela, has announced plans to expand its operations in the oil-rich nation. President Donald Trump recently revealed an ambitious deal to develop Venezuela’s oil reserves and give the Pentagon a stake in the profits. Chevron will receive additional acreage in the Orinoco Belt, where the company already has a strong foothold, and is set to invest over $7 billion over the next five years.

This will more than double production to approximately 600,000 barrels a day by 2026, compared to 2026 levels. CEO Mike Wirth expressed confidence in Venezuela’s resource potential and its ability to compete for investment within the company’s portfolio for decades. Venezuela holds the world’s largest proven oil reserves, totaling over 303 billion barrels, according to OPEC’s 2025 Annual Statistical Bulletin.

The announcement came a day after a U.S. official briefed reporters on the expected disclosure, revealing that Chevron officials and Energy Secretary Chris Wright would visit Venezuela on Wednesday to formally unveil the new investment. Despite skepticism from analysts about the viability of reviving Venezuela’s oil industry, the White House confirmed its partnership with North American Blue Energy Partners as part of Trump’s plan to tap into the country’s oil industry.

Trump has been pushing for U.S. businesses to restore a presence in Venezuela, suggesting that other oil companies are also readying for business in the country.