Chevron Invests $7 Billion in Venezuelan Oil Fields

Chevron Corp. is investing more than $7 billion to develop two new oil fields in the Orinoco Belt of Venezuela. Operating through its Petroindependencia SA joint venture with Venezuela's state-owned oil company, the company aims to increase crude output by approximately 320,000 barrels per day by 2031. The investment follows recent fiscal and legal reforms in Venezuela and utilizes existing infrastructure.

This move occurs alongside an expansion by Italian oil major Eni SpA. It follows a separate, larger venture announced by President Donald Trump involving the U.S. government and North American Blue Energy Partners (NABEP). That project, led by Alejandro Betancourt López, seeks to develop 17 fields and access 65 billion barrels of reserves using private American capital.

While Chevron's project is described as a measured approach, the NABEP venture is characterized as more ambitious and opaque in its operations.