AP
Venezuela Oil
A fisherman steers his boat on Lake Maracaibo in the oil-producing region of Cabimas, Venezuela, Tuesday, Sept. 1, 2026.
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Oil giant Chevron is confirming that it is expanding its operations in Venezuela, just days after President Donald Trump announced an ambitious deal to develop the nation’s oil reserves and give the Pentagon a stake in the profits. Chevron said Wednesday that it has been assigned additional acreage in the Orinoco Belt, where the company has an established position. Joint venture plans include investing more than $7 billion over the next five years, more than doubling production to approximately 600,000 barrels a day compared with 2026.
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