Chevron plans to double Venezuela output as US defends wider oil agreement
Chevron says it has received additional acreage in Venezuela and plans to double production as Washington promotes a broader energy agreement with Caracas.
In short
- Chevron says it has received additional acreage in Venezuela and plans to double production as Washington promotes a broader energy agreement with Caracas.
Chevron plans to double its oil output in Venezuela after receiving additional acreage, as the United States promotes a broader energy agreement with the country’s interim authorities.
Chevron is the only US oil company with a major presence in Venezuela. The expansion was reported on September 2, 2026, alongside a visit to Caracas by US Energy Secretary Chris Wright, who described the wider agreement as a transformation of relations between the two countries.
US President Donald Trump has said the agreement would give the United States control over 65 billion barrels of Venezuelan oil. Wright rejected suggestions that Washington was trying to take the country’s resources, while critics questioned the terms and the political circumstances surrounding the agreement.
Venezuela holds the world’s largest proven oil reserves. Its interim president, Delcy Rodríguez, has said the agreement could generate more than $209 billion in revenue for public services, although the source records did not set out the calculation, timetable or detailed commercial terms. The arrangement has also drawn concern from Venezuelan opposition figures about prospects for a democratic transition.
