<p class="wp-block-paragraph"><strong>CARACAS, Venezuela — </strong>Chevron announced on Wednesday that it will expand its operations in Venezuela following a deal to develop the country's oil reserves.</p>
<p class="wp-block-paragraph">The agreements between Chevron, the second-largest U.S. oil company, and Venezuela include plans for a joint venture to invest more than $7 billion over the next five years. This investment is expected to increase the company’s oil production in Venezuela to approximately 600,000 barrels per day, more than double the output projected for 2026.</p>
<p class="wp-block-paragraph">Chevron has also been assigned additional land in the Orinoco Belt, where it has been operating since 2001. The company's presence in Venezuela dates back to 1923.</p>
<p class="wp-block-paragraph">Chevron is currently the only U.S. oil company operating in Venezuela.</p>
<p class="wp-block-paragraph">“Chevron’s history in Venezuela spans more than a century, and our expanded position reflects our confidence in the country’s deep resource potential and its ability to compete for investment within our portfolio for decades,” said Chevron Chairman and CEO Mike Wirth in a statement on Wednesday.</p>
<p class="wp-block-paragraph">“With improved terms and additional acreage, we are strengthening a portfolio that we believe can deliver attractive low-cost oil growth, support energy supply and create differentiated long-term value,” he added. “This progress reflects the dedication of our Venezuelan employees and our long-standing focus on the responsible development of the country’s resources.”</p>
<p class="wp-block-paragraph">The announcement coincides with a visit from Energy Secretary Chris Wright and Chevron representatives to Venezuela, where the expanded investment is expected to be unveiled. Wright is scheduled to meet with acting President Delcy Rodriguez.</p>
<p class="wp-block-paragraph">After arriving late Tuesday evening, Wright stated that the deal would lead to a more than doubling of Venezuela’s oil production in the coming years.</p>
<p class="wp-block-paragraph">“The American investment in Venezuela is to grow the flow of private capital from a great number of American businesses,” Wright told reporters. “We want to see a lot of investment coming from the United States into Venezuela to grow opportunity and prosperity for Venezuelans and for Americans and for energy consumers around the world.”</p>
<p class="wp-block-paragraph">Chevron’s agreement, along with others expected to be announced by Wright later on Wednesday, is separate from a deal made by the Trump administration late last week.</p>
<p class="wp-block-paragraph">As part of that agreement, the government is taking a 35% equity stake in North American Blue Energy Partners, a private oil and gas exploration and production company.</p>
<p class="wp-block-paragraph">The White House stated earlier this week that “Venezuelan interim authorities” granted NABEP 100-year concessions for 17 oil fields, which have proven reserves of approximately 65 billion barrels of crude oil.</p>
<p class="wp-block-paragraph">The company, led by Venezuelan businessman Alejandro Betancourt, has granted the Pentagon’s Office of Strategic Capital a 35% equity stake in its corporate parent. The White House indicated that this arrangement came “at no cost to the American taxpayer.”</p>
<p class="wp-block-paragraph">Betancourt's involvement has raised controversy due to allegations of money laundering in Switzerland, Spain, and the United States. He has not been charged, and a Swiss extradition request against him was dropped earlier this year.</p>
<p class="wp-block-paragraph">A U.S. official, who spoke on the condition of anonymity, told reporters on the plane to Caracas that Betancourt is not considered a “bad actor” and claimed that several of the allegations against him stemmed from the Maduro regime.</p>
<p class="wp-block-paragraph">“This is actually a person that’s been an ally of the United States for a long time, that has long-time ties to the Venezuelan opposition, and I think, believes in the Democratic transition,” the official said.</p>
<p class="wp-block-paragraph">The U.S. plans to use Venezuelan oil to refill the Strategic Petroleum Reserve, an emergency stockpile of crude oil maintained by the Department of Energy.</p>
<p class="wp-block-paragraph">“We appreciate the leadership of the Administration, particularly the U.S. Department of Energy, and Secretary Wright’s partnership in helping facilitate the conditions for further investment and growth,” Wirth said. “Continued engagement between government and industry is essential to advancing projects that support energy security, economic growth and continued investment.”</p>