Venezuela’s giant oil belt and the world’s largest crude deposits
The United States has moved to secure ownership stakes or long-term access to Venezuela’s vast oil fields, aiming to expand American influence over the world’s largest proven crude reserves. Officials describe the plan as a legacy-defining move for President Trump, though it faces constitutional and political scrutiny in Venezuela. The push follows Maduro’s removal and a conditional restart of diplomatic ties.
Chevron has been assigned additional acreage in Venezuela’s Orinoco Belt and plans jointly to invest more than $7 billion over five years, aiming to double production to about 600,000 barrels a day. The move follows White House-briefed talks about a formal Venezuela visit by Chevron leaders and Energy Secretary Wright.
Chevron has been assigned additional acreage in Venezuela’s Orinoco Belt and plans a multibillion-dollar investment to boost output, as U.S. deals with Caracas and sector players signal a renewed push into the country’s oil sector. The moves come as oil output in Venezuela remains far below its historic highs.