Chevron Corporation disclosed Wednesday that it will expand its existing operations in Venezuela’s Orinoco Belt, days after the U.S. and Venezuelan governments announced a broader agreement granting American access to approximately 65 billion barrels of oil reserves. The Houston-based energy company stated it will invest more than $7 billion over the next five years as part of a joint venture, with the goal of reaching production levels around 600,000 barrels of oil daily.
U.S. Secretary of Energy Chris Wright and Chevron CEO Mike Wirth announced the expansion at a press conference at the Miraflores Palace in Caracas, alongside Venezuelan interim President Delcy Rodríguez. Officials characterized the agreement as a milestone reflecting progress toward establishing a competitive framework for sustained investment. Chevron holds the position of largest foreign oil operator currently working in Venezuela and has maintained operations there since the 1920s, even after the country nationalized its oil industry in 1976.
The Chevron announcement arrives amid broader U.S. efforts to develop Venezuelan oil resources. Earlier in the week, the Trump administration revealed plans for a joint venture with North American Blue Energy Partners to develop 17 Venezuelan oil fields containing an estimated 65 billion barrels. Other major oil companies, however, have expressed reluctance about re-engaging in Venezuela; ExxonMobil’s CEO previously characterized the nation as uninvestable.
Industry analysts note significant obstacles to rapid production increases. Venezuela’s oil infrastructure has deteriorated substantially over more than a decade, with equipment damage, leaks, and theft affecting refineries across the country. Experts estimate that restoring production to 1990s-era levels of approximately 3 million barrels daily would require more than a decade and approximately $183 billion in investment, according to geopolitical analysis from Rystad Energy.
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