US oil giant Chevron confirms it will expand operations in Venezuela

Oil titan Chevron has announced plans to expand its presence in Venezuela, just days following President Donald Trump's announcement of a major deal to develop the nation's oil reserves and grant the Pentagon a stake in the profits. Chevron revealed on Wednesday that it has been granted additional land in the Orinoco Belt, an area where the company already holds a strong foothold.

Joint ventures between Chevron and Venezuelan partners aim to boost annual production by over $7 billion over the next five years, potentially doubling output to around 600,000 barrels per day from the current level in 2026.

Chevron's longstanding involvement in Venezuela dates back more than a century, and the company's expanded stake underscores its belief in the country's vast resource potential and its capacity to attract investment over the long term. CEO Mike Wirth expressed his confidence in Venezuela's ability to generate "attractive low-cost oil growth, support energy supply, and create differentiated long-term value" with the new investment.

The announcement follows a meeting between Chevron officials and Energy Secretary Chris Wright, who were expected to formally unveil the expanded investment during a visit to Venezuela on Wednesday. Sources close to the White House confirmed on Monday that the U.S. government is collaborating with North American Blue Energy Partners as part of Trump's initiative to capitalize on Venezuela's oil industry.