Chevron Announces Expanded Investment in Venezuela Amid Confidence in Oil Reserves

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,” CEO Mike Wirth said in a prepared statement. “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.”

Venezuela holds the world’s largest proven reserves, totalling more than 303 billion barrels of crude oil, according to Opec’s 2025 Annual Statistical Bulletin. Saudi Arabia is a distant second with 267 billion barrels.

The announcement comes a day after a US official, who briefed reporters on the expected announcement, said that Chevron officials and Energy Secretary Chris Wright were expected to visit Venezuela on Wednesday when the new investment would be formally unveiled. The official spoke on condition of anonymity under ground rules set by the White House for the call.

Chevron is the second-largest US oil company and the only one with a major presence in Venezuela. It has had a presence in the country since 1923. Its joint ventures Petroindependencia and Petropiar operate extra-heavy oil projects in the Orinoco Oil Belt, while Petroboscan is located in Zulia state in western Venezuela.