US oil giant Chevron confirms it will expand operations in Venezuela

NEW YORK (AP) — 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 said Wednesday that it has been assigned additional acreage in the Orinoco Belt, where the company has an established position. Joint venture plans include investing more than $7 billion over the next five years, more than doubling production to approximately 600,000 barrels a day compared to 2026.

“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,” CEO Mike Wirth said in a prepared statement. “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.”

The announcement comes a day after a U.S. official, who briefed reporters on the expected announcement, said that Chevron officials and Energy Secretary Chris Wright were expected to visit Venezuela on Wednesday where the new investment will be formally unveiled. The official spoke on condition of anonymity under ground rules set by the White House for the call.

Chevron is the second-largest U.S. oil company and the only one with a major presence in Venezuela. It has had a presence in the country since 1923. Its joint ventures Petroindependencia and Petropiar, S.A. operate extra-heavy oil projects in the Orinoco Oil Belt, while Petroboscan, S.A. is located in the Zulia State in Western Venezuela.

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Associated Press writers Aamer Madhani and Collin Binkley contributed to this report.