Chevron to expand oil footprint in Venezuela with $7 billion investment

US’s Chevron, Italy’s Eni to expand oil projects in Venezuela

Energy firms sign deals in Caracas, days after Venezuela agreed to grant the US control of a fifth of its oil reserves.

Sep 3, 2026

US oil giant Chevron to expand Venezuela operations

Chevron, the only US oil firm with major presence in Venezuela, said it has got extra acreage and will double output.

Sep 2, 2026

Chevron to expand in Venezuela, days after the U.S. and Venezuela strike oil deal

Chevron is the largest foreign oil operator in Venezuela. The deal will expand its footprint at a time of political and economic uncertainty for Venezuela.

Sep 2, 2026

Chevron announces deal to expand its oil production in Venezuela

Chevron announced early Wednesday that it has reached an agreement to expand its oil production in Venezuela. Chevron said that it has been assigned additional acreage in the Orinoco Belt, where it has an established position. Joint venture plans include investing more than $7 billion over the next five years and increasing production to approximately…

Sep 2, 2026

Chevron to expand oil footprint in Venezuela with $7 billion investment

CARACAS, Venezuela — Chevron said on Wednesday its presence in Venezuela will be expanded after President Donald Trump announced a deal to develop the South American country’s oil reserves. The newly announced agreements between Chevron, the second-largest U.S. oil company, and Venezuela include joint venture plans to invest more than $7 billion over the next […]

Sep 2, 2026