New York,Ā Sept 3:
US oil giant Chevron has confirmed plans to significantly expand its operations in Venezuela, announcing an investment of more than $7 billion over the next five years as Washington pushes to revive the country’s oil industry.
Chevron said it had been assigned additional acreage in Venezuela’s Orinoco Belt, where it already has a major presence. The company’s joint ventures are expected to more than double production to around 600,000 barrels a day compared with 2026 levels.
The expansion covers Chevron’s existing operations, including the Petroindependencia and Petropiar ventures in the Orinoco Oil Belt and Petroboscan in western Venezuela. Chevron has operated in the country since 1923 and is currently the only major US oil company with a substantial presence there.
The announcement comes days after US President Donald Trump unveiled a major initiative aimed at developing Venezuela’s vast oil reserves and encouraging US businesses to return to the country.
However, analysts have expressed doubts over how quickly Venezuela’s oil production can recover after years of neglect and sanctions. Questions have also been raised over the legal durability of agreements granting long-term rights to oil fields.
Chevron CEO Mike Wirth said the expanded position reflected the company’s confidence in Venezuela’s resources and its potential to deliver long-term, low-cost oil growth.