Chevron is positioning itself for rapid growth in Venezuela as the United States signals support for renewed investment following the country’s political transition, with US President Donald Trump urging major oil companies to pour US$100 billion into expanding Venezuelan oil production.
The company made the disclosure during a White House meeting on January 9, as Washington outlined its vision for reviving Venezuela’s oil sector. Present were executives fromExxon Mobil, ConocoPhillips and Chevron.
Chevron’s Vice Chairman Mark Nelson, underscored the company’s long-standing presence in Venezuela and its readiness to scale up operations quickly.
“Chevron has 3,000 employees in four different joint ventures in Venezuela today. And over the past five to seven years, they’ve taken production from about 40,000 barrels a day to 240,000 barrels a day, essentially getting those facilities and that equipment up to standards that would be something that people in the room would be more accustomed to…I think we have a path forward here very shortly to be able to increase our liftings from those joint ventures 100 percent, essentially effective immediately,” Nelson said.
Beyond that, Chevron sees further near-term upside. “We are also able to increase our production within our own disciplined investment schemes by about 50 percent just in the next 18 to 24 months, and that’s just leveraging what’s on the ground,” Nelson said.
Nelson acknowledged the challenges of staying in Venezuela through years of uncertainty but said it now counts in Chevron’s favor. “Having people on the ground today that care desperately about the people of Venezuela and know how to operate the assets that are there is a definite advantage today,” he said.
On exploration potential, Nelson said Venezuela remains rich with opportunity despite years of neglect. “With 300 billion barrels of resources in-country, there are lots of opportunities for many companies,” he said, adding that current investment is focused largely on bringing existing infrastructure up to Chevron’s operational standards, with a mix of upgrades and selective new development.
Washington’s move to revive Venezula’s oil and gas sector, follows the January 3 U.S. military operation that resulted in the capture of Nicolás Maduro and his wife.
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While many fled the Spanish-speaking nation, Chevron remained one of the few foreign companies still operating in Venezuela.
The oil major also expanded its operations in the wider Caribbean region, particularly in Guyana.
Chevron’s 2025 merger with Hess Corporation was hailed by the company’s Chief Executive Officer Mike Wirth as the “biggest” US merger of the year. For Guyana, the deal is significant: Hess holds a 30% stake in the ExxonMobil-operated Stabroek Block, one of the world’s fastest growing offshore oil developments.
