Chevron Set to Double Venezuela Oil Production

Chevron confirmed Wednesday it will expand oil operations in Venezuela, committing to a joint venture investment of more than $7 billion over five years.

• 600,000 barrels per day is the production target, more than double 2026 output.
• Chevron has operated in Venezuela since 1923 and began Orinoco Belt work in 2001.
• The Pentagon received a 35% equity stake in a separate company, North American Blue Energy Partners.
• 65 billion barrels in proven reserves cover 17 oil fields under NABEP's 100-year concessions.

Why it matters: The Trump administration frames the Venezuela deals as a path away from Middle East oil dependence. The stakes are large: Venezuela holds some of the world's biggest proven reserves, but production has deteriorated after years of neglect.

• Energy Secretary Wright said the deals aim to grow American private investment and raise living standards for Venezuelans and Americans alike.
• Analysts cited by the Associated Press say reviving Venezuelan production will take years regardless of new agreements.

How 34 sources split on this story

Where they split: The core dispute is whether Venezuela's acting government has legal authority to grant 100-year oil concessions, and whether any future administration — Venezuelan or American — would honor them.

What’s next: Wright is meeting Rodríguez in Caracas; more deals are expected to be announced Wednesday.

• The U.S. plans to use Venezuelan oil to replenish the Strategic Petroleum Reserve.
• Does acting President Delcy Rodríguez have the legal authority to grant 100-year oil concessions?
• Will a future Venezuelan or U.S. administration honor or revoke the current agreements?
• How quickly can Venezuela's neglected oil infrastructure support the production targets Chevron has announced?