Chevron expands Venezuela operations with $7B investment

Chevron Corporation announced on September 2, 2026, that it has reached agreements with Venezuela to expand its operations in the Venezuela — Orinoco Belt, investing more than $7 billion over the next five years to more than double its production to approximately 600,000 barrels per day. The agreements provide enhanced fiscal, commercial, and legal terms and allocate additional acreage, including the Carabobo-1 and Carabobo-2-South-A areas to its Petroindependencia joint venture. This expansion follows the capture of former President Nicolás Maduro by U.S. forces in January and the subsequent installation of interim President Delcy Rodríguez. The Trump administration has been pushing for U.S. investment in Venezuela's oil sector, culminating in a separate deal granting the U.S. government a 35% equity stake in North American Blue Energy Partners (NABEP), which received 100-year concessions for 17 oil fields with 65 billion barrels of reserves. Energy Secretary Chris Wright visited Caracas to oversee the signing of multiple energy deals with companies including Eni, GE Vernova, and others. Critics question the legitimacy of the agreements, citing lack of National Assembly approval and concerns about sovereignty, while analysts note that reviving Venezuela's oil industry will take years and billions of dollars.