US’s Chevron, Italy’s Eni to expand oil projects in Venezuela

Energy firms sign deals in Caracas, days after Venezuela agreed to grant the US control of a fifth of its oil reserves.

US officials denied accusations that the deal was holding Venezuela for ransom, stressing that it is mutually beneficial deal for all, developing an unutilised underground asset.

For two decades, Chevron stayed while all its major peers quit after former Venezuelan President Hugo Chavez nationalized foreign assets atop the world's largest oil reserves.

It plans to invest US$7 billion over the next five years through its joint venture partnerships in Venezuela.

Oil giant Chevron confirmed that it will expand operations in Venezuela after President Donald Trump announced an ambitious deal to develop the nation's oil reserves and give the Pentagon a stake in the profits.

The company plans to invest more than $7 billion over the next five years, with the goal of more than doubling its current production to about 600,000 barrels a day.

U.S.' Chevron, Italy's Eni and other foreign energy producers committed on Wednesday to major project expansions to boost oil output in Venezuela, in a signing ceremony in Caracas overseen by interim President ​Delcy Rodriguez and ‌U.S. Energy Secretary Chris Wright. FRANCE 24's Maya Yataghene reports.

WHAT’S HAPPENING TODAY: Good afternoon and happy Wednesday, readers! We’re halfway through the week and inching closer to the three-day weekend for many of us. But before then, Callie is reporting from Venezuela, where the Trump administration is finalizing an oil deal with several major producers.  Welcome to Daily on

Chevron, the only US oil company with a major presence in Venezuela, said Wednesday that it has been assigned additional acreage in the Orinoco Belt, where it has active operations.

Chevron, Eni commit to expand oil projects in Venezuela under US eye  Reuters

Chevron will invest more than $7 billion US through its Venezuela joint ventures to double oil production to about 600,000 barrels per day over the next five years in the ‌South American country, the U.S. oil major said on Wednesday.

Oil giant Chevron confirmed 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, the only U.S. oil company that has a major presence in the country, said Wednesday t

Chevron Corp. Chief Executive Officer Mike Wirth says very strong legal terms are in place to protect its investment in Venezuela. The Houston-based company is investing $7 billion in the country over the next five years. Wirth speaks to Bloomberg's Tyler Kendall in Caracas. (Source: Bloomberg)

Chevron's move comes amid a U.S. push to increase oil production in Venezuela.

Chevron is the largest foreign oil operator in Venezuela. The deal will expand its footprint at a time of political and economic uncertainty for Venezuela.

Oil giant Chevron confirmed that it would 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, the only US oil company that has a major presence in the country, said on Wednesday

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 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

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

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