Chevron Corporation confirmed on September 2 that it will expand operations in Venezuela under a deal announced by President Donald Trump, with plans to invest more than $7 billion over five years and more than double its current production to approximately 600,000 barrels per day.
For Houston, where Chevron maintains a massive presence with thousands of employees along the Energy Corridor, the expansion represents a significant development for the local energy workforce and supply chain. The company has been assigned additional acreage in Venezuela’s Orinoco Belt, where it already operates active fields.
Chief Executive Mike Wirth said the expanded position reflects confidence in Venezuela’s resource potential. Venezuela holds the world’s largest proven oil reserves at more than 303 billion barrels, according to OPEC’s 2025 Annual Statistical Bulletin, surpassing Saudi Arabia’s 267 billion barrels. However, Venezuela’s daily production remains just over 1 million barrels due to degraded infrastructure and international sanctions.
The agreement was met with skepticism from energy experts who noted that reviving Venezuela’s oil industry will take years. There are also legal questions about whether Venezuela’s acting president, Delcy Rodriguez, has the authority to grant Chevron 100-year rights over 17 oil fields with reserves of 65 billion barrels. Venezuela’s constitution requires National Assembly approval for such arrangements, which has not occurred.
Energy Secretary Chris Wright, speaking in Caracas on Wednesday, called the deals critical to advancing peace and prosperity in Venezuela. The White House confirmed it is partnering with North American Blue Energy Partners as part of the push to develop Venezuela’s oil reserves.
Exxon Mobil, which had its assets seized during Venezuela’s 2007 nationalization, has called the country uninvestable. CEO Darren Woods said in January that nothing had changed, and a company spokesman reiterated that position this week.
For Houston-based service companies and contractors that support Chevron’s global operations, the Venezuela expansion could eventually mean new contracts and engineering work, though the timeline for meaningful production increases remains uncertain. The deal also raises questions about how increased Venezuelan supply might affect global oil prices, a key concern for Houston’s energy-dependent economy.
Sources: AP via Los Angeles Daily News, Associated Press.
