US oil giant Chevron confirms it will expand operations in Venezuela

Oil major Chevron has announced plans to expand its operations in Venezuela, following President Donald Trump's announcement of a deal to develop the nation's oil reserves and grant the Pentagon a stake in the profits. The company disclosed that it has been allocated additional land in the Orinoco Belt, where it already holds a significant stake.

Chevron intends to invest over $7 billion over the next five years, aiming to more than double its production to around 600,000 barrels daily by 2026. According to Chevron CEO Mike Wirth, the expanded position reflects the company's confidence in Venezuela's resource potential and its ability to attract investment for decades. The announcement follows a meeting between Chevron officials and Energy Secretary Chris Wright, who were expected to formally reveal the new investment in Venezuela.

The move coincides with the U.S. government's partnership with North American Blue Energy Partners as part of Trump's strategy to tap into Venezuela's oil industry. However, analysts remain skeptical about the feasibility of reviving Venezuela's production, which has been neglected for years, and question the legal authority of acting President Delcy Rodríguez to grant the company 100-year rights over 17 oil fields with 65 billion barrels of reserves.