Chevron has confirmed plans to expand its operations in Venezuela’s Orinoco Belt after receiving additional acreage from the Venezuelan government. The announcement comes days after President Trump unveiled a broader deal to develop the country’s oil reserves.
Through its joint ventures Petroindependencia and Petropiar, the US oil major plans to invest more than $7 billion over the next five years. The company aims to more than double its output to approximately 600,000 barrels a day by 2031.
Chevron chief executive Mike Wirth stated that the expanded position reflects confidence in the country’s resource potential and its ability to deliver low-cost oil growth. Meanwhile, US Energy Secretary Chris Wright is expected to travel to Venezuela to formalize further investment details.