Chevron to Invest $7 Billion in Venezuela's Orinoco Belt
Chevron confirms $7 billion Venezuela expansion, doubling Orinoco Belt production to 600,000 barrels per day.
Chevron, the second-largest US oil company, has confirmed it will significantly expand its operations in Venezuela. The announcement follows a recent deal involving former President Donald Trump to develop the nation's oil reserves, which reportedly includes a profit stake for the Pentagon.
The company stated on Wednesday that it has been assigned additional acreage in the Orinoco Belt, a region where it already has a substantial presence. Under the joint venture plans, Chevron will invest more than $7 billion over the next five years. This investment is expected to more than double production to approximately 600,000 barrels per day, compared to 2026 levels.
The confirmation came a day after a US official, speaking on condition of anonymity, indicated that Chevron officials and Energy Secretary Chris Wright were expected to visit Venezuela to formally unveil the new investment.
Chevron is the only major US oil company with a significant presence in Venezuela, a relationship dating back to 1923. Its existing joint ventures, Petroindependencia and Petropiar, S.A., operate extra-heavy oil projects in the Orinoco Oil Belt, while Petroboscan, S.A. operates in the Zulia State in western Venezuela.