Chevron to expand oil footprint in Venezuela with $7 billion investment

CARACAS, Venezuela — Chevron said on Wednesday its presence in Venezuela will be expanded after President Donald Trump announced a deal to develop the South American country’s oil reserves. The newly announced agreements between Chevron, the second-largest U.S. oil company, and Venezuela include joint venture plans to

Chevron announced early Wednesday that it has reached an agreement to expand its oil production in Venezuela. Chevron said that it has been assigned additional acreage in the Orinoco Belt, where it has an established position. Joint venture plans include investing more than $7 billion over the next five years and incre

Venezuela holds the world's largest proven reserves, which contain more than 303 billion barrels of crude oil, according to OPEC's 2025 Annual Statistical Bulletin.

U.S. oil giant Chevron is confirming that it will expand its operations in Venezuela, just days after President Donald Trump announced an ambitious deal to develop the nation’s oil reserves and give the Pentagon a stake in the profits.

Chevron expands Venezuela bet with $7 billion plan to double output in five years  Reuters

Chevron says it will expand its operations in Venezuela, following the Trump administration’s move for a Pentagon-backed plan to develop the country’s oil reserves.

US oil giant Chevron confirms it will expand operations in Venezuela  AP News

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Oil giant Chevron is confirming that it is expanding its operations in Venezuela, just days after President Donald Trump announced an ambitious deal to develop the nation’s oil reserves and give the Pentagon a stake in the profits

US oil giant Chevron confirms it will expand operations in Venezuela  Toronto Star

Oil giant Chevron is confirming that it is expanding its operations in Venezuela, just days after President Donald Trump announced an ambitious deal to develop the nation’s oil reserves and give the Pentagon a stake in the profits

Chevron is expected to announce an expansion of its Venezuelan operations on Wednesday, hours after the country's parliament approved handing Washington control of a fifth of its oil reserves and as US Energy Secretary Chris Wright arrives to sign the agreement.

Trump administration justifies agreement as a way to expel Chinese and Russian adversaries from oilfields in ‘our hemisphere’

Chevron is the second-largest U.S. oil company and the only one with a major presence in Venezuela.