Chevron to invest over $7 billion in Venezuela over five years

BOGOTA, Colombia — Chevron said it has acquired new fields in Venezuela's Orinoco oil belt and will invest more than $7 billion in the country over the next five years. The company aims to more than double its production compared with 2026 levels, targeting about 600,000 barrels per day. Chief Executive Mike Wirth said the addition of new acreage strengthens Chevron's Venezuelan portfolio and reflects confidence in the country's large oil potential. The expansion follows a recent U.S.-brokered framework agreement on developing Venezuelan oil reserves announced by President Donald Trump. Chevron has operated in Venezuela since 1923 and remains the only major U.S. oil company with a presence there. Its activities include heavy crude projects in the Orinoco belt and production in Zulia state in western Venezuela. The company did not provide a specific timeline for reaching the 600,000 barrel-per-day target or further details on the newly acquired acreage. No further financial terms of the expansion were immediately disclosed.