Chevron is to expand its oil operations in Venezuela with an investment of more than US$7 billion over the next five years, in a move that will more than double its production in the country to about 600,000 barrels a day.
The American energy giant said it had secured additional acreage in Venezuela’s Orinoco Belt, where it already operates a series of joint ventures with the state oil company PDVSA. The announcement follows President Donald Trump’s unveiling of a separate agreement aimed at bringing US companies back into Venezuela’s oil industry.
Chevron said its Petroindependencia joint venture, in which it holds a 49 per cent stake, would develop two additional areas close to its existing operations. The expansion is expected to provide the platform for production of roughly 600,000 barrels a day, more than twice the company’s 2026 output. ([euronews.com](https://www.euronews.com/business/2026/09/02/chevron-set-to-expand-in-venezuela-as-us-energy-secretary-lands-in-caracas))
“Chevron’s history in Venezuela spans more than a century, and our expanded position reflects our confidence in the country’s deep resource potential and its ability to compete for investment within our portfolio for decades,” Mike Wirth, the company’s chairman and chief executive, said.
He added: “With improved terms and additional acreage, we are strengthening a portfolio that we believe can deliver attractive low-cost oil growth, support energy supply and create differentiated long-term value.”
Chevron has maintained a major presence in Venezuela since 1923 and is the only large US oil producer still operating there. Its interests include Petroindependencia and Petropiar, which produce extra-heavy crude in the Orinoco Belt, and Petroboscan in western Venezuela’s Zulia state.
The expansion comes as US Energy Secretary Chris Wright visits Caracas, with the new investment expected to be formally presented during his trip. It also follows a vote by Venezuela’s National Assembly approving an agreement that gives Washington control over a fifth of the country’s oil reserves. ([euronews.com](https://www.euronews.com/business/2026/09/02/chevron-set-to-expand-in-venezuela-as-us-energy-secretary-lands-in-caracas))
Under the separate arrangement announced by the White House on August 31, North American Blue Energy Partners was granted 100-year concessions covering 17 oil fields with proven reserves of about 65 billion barrels. The US Department of War’s Office of Strategic Capital is to receive a 35 per cent stake in the company’s parent, while the State Department will have rights over part of the oil produced. ([whitehouse.gov](https://www.whitehouse.gov/fact-sheets/2026/08/fact-sheet-president-donald-j-trump-announces-historic-oil-agreement-to-secure-american-energy-dominance-and-drive-venezuelas-economic-recovery/?utm_source=openai))
Analysts have questioned how quickly Venezuela’s neglected oil industry can be restored, warning that new production could take years to reach the market. Experts have also raised doubts over whether Venezuela’s interim authorities have the legal power to grant long-term rights and whether future governments in Caracas or Washington could seek to overturn the agreements.
The Trump administration has presented Venezuelan oil as a way to reduce US reliance on supplies from the Middle East and has been pressing American businesses to re-establish a foothold in the country.
