Chevron to expand in Venezuela, days after the U.S. and Venezuela strike oil deal

UNITED STATES: Guinea-flagged crude oil tanker Avril waits its turn to be loaded with crude oil at Lake Maracaibo in Maracaibo, Zulia State, Venezuela on May 9, 2025. FEDERICO PARRA/AFP via Getty Images hide caption.

Chevron is expanding its existing operations in Venezuela, the Houston-based company said Wednesday. This comes in the wake of Friday's announcement that Venezuela will give the U.S. access to 65 billion barrels of oil.

The company will expand its operations in the Orinoco Belt, where much of Venezuela's oil reserves lie.

"Today is a transformative day," said U.S. Secretary of Energy Chris Wright, speaking at a press conference this morning at the Miraflores Palace in Caracas, alongside Chevron CEO Mike Wirth and Venezuelan President Delcy Rodríguez. "The catalyst for transforming Venezuela is energy. The catalyst for improving the life conditions of Americans, our hemisphere, and everyone in the world, is to massively expand energy production around the world."

"Today's agreement is an important milestone for Chevron, our partners, and the Venezuelan people," said Wirth. "It reflects progress toward a more competitive and durable framework for long-term investment. Importantly, it creates the opportunity to unlock growth and development."

Chevron is the largest foreign oil operator in Venezuela. The deal announced today expands its footprint at a time of political and economic uncertainty for Venezuela; the country has been run by an interim unelected president, Rodríguez, who came into office after the U.S. captured former President Nicolás Maduro in January.

Other U.S. oil companies have previously expressed hesitation about re-entering Venezuela after leaving it decades ago, with ExxonMobil CEO Darren Woods calling the country " uninvestable " at a White House meeting in January.

This Bay News report is based on originating coverage from NPR.