Chevron Venezuela oil deal expansion

On September 2, 2026, Chevron Corporation, along with GE Vernova Inc. and Eni SpA, joined U.S. Energy Secretary Chris Wright and acting Venezuelan President Delcy Rodríguez in Caracas to unveil a wave of energy deals aimed at boosting Venezuela's crude production. Chevron signed a landmark agreement providing it with billions of barrels of reserves, enough to last into the 2040s, and plans to invest $7 billion over the next five years through its joint venture partnerships. Chevron estimates it will produce 600,000 barrels of Venezuelan crude per day within five years at a cost of less than $20 per barrel, making it among the most profitable oil globally at current Brent prices near $95. The deal follows the January 3 capture of former Venezuelan leader Nicolás Maduro by U.S. special forces, which positioned Chevron as the only U.S. oil major operating in Venezuela to ramp up production. Eni also signed a 25-year contract for the Junin 5 field. The U.S. government-led push is part of a broader strategy to revive Venezuela's oil industry, though it has drawn scrutiny over Trump's plan to take majority control of the nation's oil wealth.