Chevron to invest $7 billion in Venezuela oil expansion

Chevron, the second-largest oil company in the United States, has revealed a $7 billion initiative aimed at enhancing its operations in Venezuela, with a goal to double its production. CEO Mike Wirth announced this plan, highlighting his belief in the country's resource potential and the favorable terms and additional land that would bolster Chevron's assets. According to OPEC's 2025 Annual Statistical Bulletin, Venezuela possesses the largest proven oil reserves globally, surpassing 303 billion barrels, while Saudi Arabia follows with 267 billion barrels. This investment comes despite analysts' concerns about Venezuela's deteriorating infrastructure, which they warn could take years to repair. The announcement coincided with an impending visit by Chevron officials and US Energy Secretary Chris Wright to Venezuela. Wright arrived in Maiquetia on Tuesday, and the plan was disclosed a day prior. Chevron has been active in Venezuela since 1923, running joint ventures like Petroindependencia and Petropiar in the Orinoco Oil Belt, as well as Petroboscan in Zulia state. This expansion represents a considerable gamble on Venezuela's oil industry despite its existing difficulties.