U.S. oil giant Chevron confirms it will expand operations in Venezuela

Chevron plans to invest more than $7 billion in Venezuela over the next five years, aiming to more than double its production there to about 600,000 barrels a day. The U.S. oil giant confirmed the expansion after President Donald Trump announced a broader deal to develop Venezuela’s oil reserves and give the Pentagon a share of the profits.

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Chevron's history in Venezuela spans more than a century, and our expanded position reflects our confidence in the country's deep resource potential

Chevron, the only U.S. oil company with a major presence in Venezuela, said it had received additional acreage in the Orinoco Belt, where it already operates. CEO Mike Wirth described the move as a sign of confidence in Venezuela’s resources. “Chevron's history in Venezuela spans more than a century, and our expanded position reflects our confidence in the country's deep resource potential,” he said in a prepared statement.

Venezuela holds more than 303 billion barrels of proven crude reserves, the largest total in the world, according to OPEC’s 2025 Annual Statistical Bulletin. But severely degraded infrastructure and international sanctions have limited production to just over 1 million barrels a day. Saudi Arabia, which has the second-largest reserves, produces 10 million to 11 million barrels daily, while U.S. output approaches 14 million barrels.

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President Trump's mission in Venezuela is straightforward. The mission is to bring peace, freedom, opportunity and prosperity to the people of Venezuela

The expansion comes as Washington seeks to unlock more of Venezuela’s oil potential. Energy Secretary Chris Wright said in Caracas that the administration’s mission was to bring “peace, freedom, opportunity and prosperity to the people of Venezuela.” He added that agreements involving tens of billions of dollars in investment and thousands of jobs could begin that process.

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I believe the deals that are signed today, tens of billions of dollars of investment, ultimately many thousands of jobs, are critical in starting this ball rolling of peace, opportunity and prosperity for everyone in Venezuela.

Energy experts remain skeptical, saying Venezuela’s oil industry could take years to revive after years of neglect. Questions also surround a reported agreement with North American Blue Energy Partners, known as NABEP, which would provide 100-year rights over 17 oil fields holding 65 billion barrels of reserves. Ian Vásquez of the Cato Institute said Venezuela’s constitution requires National Assembly approval for such arrangements, but no approval has taken place. “The deal lacks legitimacy since it was agreed to with a dictatorship that has clung to power for decade,” he wrote.

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The deal lacks legitimacy since it was agreed to with a dictatorship that has clung to power for decade