CHEVRON TO INVEST $7 BILLION IN VENEZUELA, MORE THAN DOUBLING OIL PRODUCTION OVER FIVE YEARS. (PHOTO).

 Chevron to invest $7 billion in Venezuela, more than doubling oil production over five years

 Chevron plans to expand its operations in Venezuela with an investment of more than $7 billion over the next five years, following President Donald Trump's push to expand U.S. involvement in the country's massive oil industry.

The U.S. oil company said it has received additional acreage in Venezuela's Orinoco Belt, where it already operates several projects through joint ventures. The expanded operations are expected to more than double Chevron's production in the country to roughly 600,000 barrels per day compared with 2026 levels.

Chevron has operated in Venezuela for more than a century and currently maintains a significant presence there despite years of political instability and U.S. sanctions. Its operations include extra-heavy oil projects in the Orinoco Oil Belt as well as production facilities in western Venezuela.

Venezuela possesses the world's largest proven crude oil reserves, with more than 303 billion barrels. Despite that enormous resource base, the country's production remains relatively low at roughly 1.1 million to 1.2 million barrels per day because of years of economic turmoil, inadequate investment, sanctions, and deteriorating infrastructure.

Chevron's announcement comes shortly after the Trump administration unveiled plans aimed at expanding American access to Venezuela's oil resources. The administration has promoted the effort as a way to increase production, reduce reliance on Middle Eastern oil and potentially lower energy costs for U.S. consumers.

The broader agreement has faced skepticism from energy analysts, who warn that restoring Venezuela's struggling oil industry will require years of work and tens of billions of dollars in investment.

Questions have also been raised about whether Venezuela's acting president, Delcy Rodríguez, has the legal authority to grant long-term rights to oil fields and whether future Venezuelan or U.S. administrations would honor the agreements.

Trump has indicated that additional major U.S. oil companies could enter Venezuela. However, ExxonMobil has said its position has not changed, despite Trump's comments suggesting the company was preparing to return.

Venezuela nationalized its oil industry in 1976, creating the state-owned Petróleos de Venezuela. In 2007, then-President Hugo Chávez further consolidated control over the industry by requiring foreign companies to operate through state-controlled joint ventures or surrender their assets.

Chevron agreed to participate in a joint venture, while ExxonMobil and ConocoPhillips rejected the terms and subsequently lost their Venezuelan assets.

Treasury Secretary Scott Bessent defended Chevron's expanded role, saying the company has more experience operating in Venezuela than any other American firm. He argued that the investment would increase production, create value for the United States and Venezuela and ultimately put downward pressure on oil prices.

Trump has similarly claimed that the Venezuela agreement could substantially reduce gasoline prices in the United States. Energy experts, however, caution that the country's aging and damaged oil infrastructure will take years and massive investment to restore.

The push to increase Venezuelan production also comes as U.S. gasoline prices remain elevated. The national average for regular gasoline reached about $4.12 per gallon, roughly 93 cents higher than at the same time last year.