Chevron Expands Venezuela Oil Operations With $7 Billion Plan Under Trump Deal

US oil giant Chevron confirms it will expand operations in Venezuela Oil giant Chevron is confirming that it is expanding its operations in Venezuela, just days after President Donald Trump announced an ambitious deal to develop the nation’s oil reserves and give the Pentagon a stake in the profits Oil giant Chevron confirmed that it will expand operations in Venezuela after President Donald Trump announced an ambitious deal to develop the nation’s oil reserves and give the Pentagon a stake in the profits. Chevron, the only U.S. oil company with a major presence in Venezuela, said Wednesday that it has been assigned additional acreage in the Orinoco Belt, where it has active operations. The company plans to invest more than $7 billion over the next five years, with the goal of more than doubling its current production to about 600,000 barrels a day. “Chevron’s history in Venezuela spans more than a century, and our expanded position reflects our confidence in the country’s deep resource potential,” CEO Mike Wirth said in a prepared statement. Venezuela holds the world's largest proven reserves, totaling more than 303 billion barrels of crude oil, according to OPEC's 2025 Annual Statistical Bulletin. Saudi Arabia is a distant second with 267 billion barrels. Yet because Venezuela's energy infrastructure is severely degraded and the nation is operating under international sanctions, its daily production is just over 1 million barrels, compared with the 10 million to 11 million barrels that Saudi Arabia produces each day. The U.S. produces almost 14 million barrels per day. Chevron, the second-largest U.S. oil company, has had a presence in Venezuela since 1923. U.S. Energy Secretary Chris Wright on Wednesday attended a ceremony in Venezuela's capital in which Chevron, Italian oil company Eni and other energy companies signed agreements with the South American country's government. “President Trump’s mission in Venezuela is straightforward. The mission is to bring peace, freedom, opportunity and prosperity to the people of Venezuela,” Wright said in Caracas. “I believe the deals that are signed today – tens of billions of dollars of investment, ultimately many thousands of jobs – are critical in starting this ball rolling of peace, opportunity and prosperity for everyone in Venezuela.” The White House confirmed Monday that it is partnering with North American Blue Energy Partners, NABEP, as part of Trump ’s push to tap into Venezuela’s oil industry. Yet the agreement has been met with skepticism from energy experts who say it will take years to revive Venezuela’s oil industry, which is in disarray after years of neglect. There are also questions about whether Venezuela’s acting president, Delcy Rodríguez, has the authority to give NABEP 100-year rights over 17 oil fields with reserves of 65 billion barrels — and whether future Venezuelan or American administrations would overturn the agreement. Venezuela's constitution states that arrangements like the one that the United States has entered must be approved by the National Assembly, which has not happened, wrote Ian Vásquez, vice president for international studies at the Cato Institute. “The deal lacks legitimacy since it was agreed to with a dictatorship that has clung to power for decades through violence and by committing what was probably the largest electoral fraud in Latin American history in 2024,” Vásquez wrote. “The agreement was also reached under overwhelming pressure, military and otherwise, from the United States. As such, any future Venezuelan democracy will question the deal, thus undermining confidence in the current arrangement.” The ruling party-controlled National Assembly expressed support for the agreement during its Tuesday session, but lawmakers held no debate or voted to approve it. Wright on Wednesday pushed back on criticism, telling reporters that the deal is “a massive win” for both countries. "Because what it’s going to do is take resources that are underground, not helping anyone, and invest capital and money and technology and bring them to the surface to better the lives of Venezuelans, better supply energy to Americans,” Wright said during a joint press conference with Rodríguez. Trump has eyed Venezuela’s oil since the January capture of then-President Nicolás Maduro and has pressed to get U.S. businesses back into the country. “We have Exxon going in, we have Chevron going in. We have our big oil companies going in,” he said that same month. He suggested again on Monday that other U.S. oil majors were preparing for a return, though other than Chevron, there is no evidence of that. Exxon Mobil CEO Darren Woods said in January that Venezuela was “ uninvestable.” An Exxon spokesman said this week that “nothing has changed.” The history of U.S. oil majors in Venezuela explains the hesitation. Venezuela nationalized its oil industry in 1976 and created the state-owned company Petróleos de Venezuela S.A. A second nationalization occurred in 2007, when President Hugo Chávez pushed foreign oil companies into state-controlled joint ventures and seized the assets of companies that refused. Chevron agreed to a joint venture. Others, including Exxon and ConocoPhillips, refused, and Venezuela took their assets. Trump has said that the agreement with Venezuela would “substantially lower” gasoline prices in the U.S. However, analysts have repeatedly warned that Venezuela’s dilapidated oil infrastructure will require years of restoration work and tens of billions of dollars to resuscitate. “It could take 2 to 4 years to get new greenfield facilities online in the Orinoco region,” Amy Jaffe, director of the Global Energy, Climate, and Sustainability Lab at New York University, said in an email. "Other places where there is no pipeline and other kinds of support infrastructure could take longer.” Meanwhile, the national average price for a gallon of regular gasoline jumped overnight to $4.12, according to the motor club AAA. That is 93 cents more than it cost at this point last year. ____ Garcia Cano reported from Caracas. Associated Press writers Aamer Madhani and Collin Binkley in Washington contributed to this report.

Oil giant Chevron is expected to announce it will expand operations in Venezuela, US official says Oil giant Chevron is expected to announce it will expand operations in Venezuela, US official says WASHINGTON (AP) — Oil giant Chevron is planning to expand its operations in Venezuela, a U.S. official said Tuesday, just days after President Donald Trump announced an ambitious deal to develop the nation’s oil reserves and give the Pentagon a stake in the profits. The official, who briefed reporters on the expected announcement, said the company’s officials and Energy Secretary Chris Wright are expected to visit Venezuela on Wednesday where the new investment will be formally unveiled. The official spoke on condition of anonymity under ground rules set by the White House for the call. Chevron is the second-largest U.S. oil company and the only one with a major presence in Venezuela. Chevron did not immediately respond to a request for comment. The announcement comes after the White House confirmed on Monday it is partnering with North American Blue Energy Partners (NABEP) as part of President Donald Trump ’s push to tap into Venezuela’s oil industry. The sweeping agreement has been met with skepticism from analysts who say it will take years to revive Venezuela’s production. They have questioned whether Venezuela’s acting President Delcy Rodríguez has the legal authority to give the company 100-year rights over 17 oil fields with reserves of 65 billion barrels — and whether future Venezuelan or American administrations would overturn the agreement. US official says private operator was vetted ahead of deal NABEP, owned by Venezuelan businessman Alejandro Betancourt, is already the second largest operator in Venezuela. The deal with the U.S. government would create a new company, where the Pentagon would take a 35% ownership stake, and the State Department would have the right to buy 20% of the oil produced at cost. The U.S. administration sought to defend its decision to partner with Betancourt, who has faced criminal investigations for alleged money laundering in Spain and Switzerland, according to multiple media reports. No formal charges were ever filed. The official said that Betancourt was vetted and the administration found that “no U.S. laws were violated.” At the same time, the official described Betancourt as the only viable partner available for the job, saying that “you have to work with the factors that you have in place.” The U.S. government is not investing money in the new company, the official told reporters, but its backing will help the company attract investment to ramp up production. Analysts say that the deal seems certain to face legal challenges and potentially questions of legitimacy. The Trump administration negotiated the agreement with Rodriguez, who took power after the January military operation to capture Nicolás Maduro and spirit him to the United States to face federal narcoterrorism and drug trafficking charges. The Venezuelan Constitution states that contracts of this kind with foreign governments must also be approved by the National Assembly, which did not occur. But the official said that agreement is a partnership with North American Blue Energy Partners, a private entity which is headquartered in Barbados and has its primary regional office and operations in Caracas, Venezuela. Deal being pitched as a step toward stability, democracy for Venezuelans The Trump administration wants elections to happen as quickly as feasible, but is aiming to maintain stability as it helps Venezuela transition following decades of autocratic rule, the official said. The official argued that maintaining stability during such transitions “almost invariably requires you to work with elements of the existing structure, even as you are creating a new one.” The Pentagon’s role in the deal comes through its Office of Strategic Capital, which was created under former President Joe Biden to invest in technology needed for national security. A second U.S. official speaking on condition of anonymity described the Venezuela agreement as “a very standard deal” and said the office has made several similar ones since Trump returned to office. Trump says other companies are readying for business Trump has had his eyes on Venezuela’s oil since Maduro’s capture, and his aides call it a path away from reliance on oil from the Middle East. Trump has been pressing to get U.S. businesses to restore a presence in the country. President Hugo Chávez completed the nationalization of Venezuela’s oil industry in 2007, leading major players like Exxon and ConocoPhillips to leave Caracas. Talking to reporters at the White House on Monday, Trump suggested that other oil companies were readying for business in Venezuela. “We have Exxon going in, we have Chevron going in. We have our big oil companies going in,” he said. Trump in January said he was inclined to leave Exxon out of Venezuela after CEO Darren Woods called the country “uninvestable.” A spokesman for Exxon said Tuesday, “Nothing has changed” on the company’s position regarding Venezuela. Chevron has been the only major American oil company actively operating in Venezuela since the nationalization. Trump was scheduled to meet with a group of large and small oil refiners on Tuesday to discuss ways to increase America’s capacity to refine oil into gasoline. The White House has said that increasing the number of refineries and expanding the capacity at existing facilities would eventually reduce prices for consumers. The administration also sees the need for more refineries to process oil from Venezuela. ___ Associated Press writer Matthew Daly contributed to this report.

Chevron and Eni commit to developing their oil projects in Venezuela under U.S. scrutiny. Information provided by Reuters 02/09/2026 at 23:28. ((Automated Reuters translation using machine learning and generative AI, please refer to the following disclaimer: https://bit.ly/rtrsauto)) (Addition of information from the signing ceremony and press conference (paragraphs 8, 9, 16, 18 and 19) * Most agreements concern expansions of projects that have been under negotiation this year * Chevron will invest more than $7 billion to double its oil production and reach 600,000 barrels per day within five years * Eni is expanding toward the Junin 5 heavy oil zone, in the Orinoco belt By Timothy Gardner and Vivian Sequera Several international energy companies, including Eni (ENI.MI), GE Vernova (GEV.N), and Chevron (CVX.N), agreed on Wednesday to carry out project extensions aimed at increasing oil production in Venezuela, during a signing ceremony in Caracas chaired by interim president Delcy Rodríguez and U.S. Energy Secretary Chris Wright. These agreements are distinct from a recently disclosed deal between Caracas and Washington that gives the United States access to 17 oil deposits. Most of the agreements announced on Wednesday concern project extensions that were being negotiated with the Venezuelan Ministry of Oil and the state oil company PDVSA, as part of revising dozens of energy contracts under new conditions, in line with a wide-ranging oil reform approved in January. These signings, however, constitute the latest initiative by private companies long active in Venezuela to help the country revive its struggling oil industry, which produces about 1.25 million barrels per day, well below its late-1990s peak of 3 million bpd. Most of the major oil groups had avoided significant investment in the country for years, pulling back after the 2007 nationalization. The sector has also stalled due to lack of investment, mismanagement, and U.S. sanctions, which are now pursuing a $100 billion investment plan to double Venezuelan production in the coming years. “We are trying to work toward what I call the ‘Trump speed.’ President (Donald) Trump did not want merely a pulse or a slow evolution in a positive direction. He wanted to see transformation as fast as possible in Venezuela,” said Chris Wright. GE Vernova signed a power sector partnership deal, which Delcy Rodríguez highlighted due to Venezuela’s electricity deficit that leaves households without power for hours and paralyzes industries. Venezuelan businessman Alejandro Betancourt was not present at the ceremony, days after his company, NABEP, signed a separate deal with Washington to gain access to a fifth of Venezuela’s oil reserves. Chris Wright and Delcy Rodríguez defended the NABEP partnership choice in front of the press on Wednesday. “NABEP is the second-largest producer in the country; it is a company with scale, proven technology and experience, and it is Venezuelan,” Wright said, adding that the United States would exercise strict oversight of financial flows. SIGNIFICANT INVESTMENTS Eni, which shares an offshore gas project with Repsol (REP.MC) and a shallow-water oil project with PDVSA, will expand its activities at the vast Junin 5 heavy oil field in the Orinoco belt, where it plans to invest $1.5 billion, according to industry sources. As part of this agreement, Eni’s current joint venture with PDVSA will evolve into a 25-year production-sharing contract, the company said in a press release. “What we need is not just signing documents; we need barrels,” said Claudio Descalzi, CEO of Eni, at the event. Junin 5 produces about 12,000 barrels per day, Eni noted in its release. Eni’s overall oil production target for all its oil projects is 400,000 barrels per day by the end of this decade. Other agreements include a development agreement for oil fields with Primavera Energy and an exploration agreement with Aspect Holdings, a Denver-based oilfield services firm. Aspect will develop several fields in Venezuela over the coming years, said its president, Alex Cranberg, at the signing ceremony. Chevron plans to invest more than $7 billion to double its production in the country to around 600,000 barrels per day over the next five years as part of its strategy to expand its joint ventures with PDVSA. Chevron’s CEO Mike Wirth and Claudio Descalzi traveled to Venezuela for the signing. It was Wirth’s first visit to this South American country, where Chevron has maintained a constant presence even after other major oil groups left following asset seizures during former President Hugo Chávez’s tenure. The United States and Venezuela are also seeking to ease sanctions imposed on Venezuela, Delcy Rodríguez said at the press conference.

White House Announcement 09/01/2026 | 14:09 Cadena 3 Editorial Team WASHINGTON — Oil giant Chevron plans to soon announce an expansion of its activities in Venezuela, according to a U.S. official who spoke on Tuesday. According to the source, who spoke to the media on condition of anonymity, company executives, along with Energy Secretary Chris Wright, are expected to visit Venezuela on Wednesday to present the new investment. This announcement comes as the administration of President Donald Trump seeks to promote the use of the Venezuelan oil industry. Chemron, which positions itself as the second-largest oil company in the United States, is the only company with a significant presence in Venezuela. The announcement follows White House confirmation on Monday of its partnership with North American Blue Energy Partners. _________________________________ What did Chevron announce? Chevron plans to expand its operations in Venezuela. Who reported the announcement? An American official delivered the news to the media. When will the official announcement be made? The announcement is expected to be made on Wednesday. What role does Chris Wright play in this? The Energy Secretary will accompany Chevron executives on the visit to Venezuela. Why is this expansion relevant? It is part of a broader U.S. administration effort to boost the Venezuelan oil industry. [Source: AP] You may be interested in Energy market crisis Major oil companies report record profits driven by the crisis in Iran, which affects the energy market and raises crude oil and gasoline prices. U.S. – Venezuela energy agreement The U.S. President aims to rebuild the country’s crude reserves, which are at their lowest in more than four decades. U.S. – Venezuela energy agreement The U.S. President, Donald Trump, announced a pact with Venezuela that promises to double the United States’ crude reserves, which could have a global impact on oil prices. Energy collaboration between nations President Recep Tayyip Erdogan announced expanded collaboration with Russia on nuclear projects, highlighting the Akkuyu plant, which will generate 10% of the country’s electricity.

Chevron announced a $7.0 billion plan to develop two additional fields in the Orinoco Belt, while a parallel agreement grants Washington control over a portion of Venezuelan oil. The expansion aims to raise Petro independence’s production, in which Chevron holds a 49% stake, to approximately 420,000 barrels per day by 2028, but faces questions about investment, timelines, governance, and political viability. - Chevron plans to develop two new fields in the Orinoco Belt and increase its Venezuelan production by 50% to about 420,000 barrels per day by 2028. - A separate agreement envisions a new entity with a 35% stake for the U.S. Strategic Capital Office and a right to purchase 20% of production. - Analysts estimate that oil recovery could take between one and ten years, while Exxon maintains that its stance on Venezuela has not changed. 🚨 Chevron will invest $7,000 million in Venezuela Petro independence aims to produce 420,000 barrels per day by 2028. 🇺🇸 Another agreement would give Washington 35% of a new company and the right to buy 20% of the crude. Recovery could take between 1 and 10 years. Chevron announced a $7.0 billion deal to develop two additional oil fields in the Orinoco Belt, one of Venezuela’s main oil-producing regions. The joint venture Petro independence, in which Chevron holds a 49% stake, plans to raise its production to about 420,000 barrels per day by 2028, a roughly 50% increase according to the corporate announcement. The operation represents the first major business move after Venezuela’s National Assembly approved a new oil agreement, although both processes have different structures. While Chevron will expand operations near its existing assets, a separate pact grants Washington mechanisms to control about one-fifth of Venezuelan oil via a different company, turning the initiative into an economic and geopolitical matter. U.S. Energy Secretary Chris Wright arrived in Venezuela on Tuesday night to present the new investments, according to available information. Chevron is the only large U.S. producer that remained in the country after the 2007 nationalization led by Hugo Chávez, a move that expelled Exxon and ConocoPhillips and left the company as Washington’s main corporate link with the Venezuelan industry. An expansion with ambitious goals The Petro independence project contemplates two sites located near Chevron’s existing operations in the Orinoco Belt. The company did not provide a detailed construction schedule or specify how the $7.0 billion disbursement will be allocated, but linked the investment to a production increase to around 420,000 barrels per day by 2028. The scale of the target explains why the announcement has drawn international attention: this is not only about maintaining an existing presence, but about significantly expanding crude flows from a region whose infrastructure and operating capacity have been questioned. The jump will depend on the execution of the new fields, the availability of private capital, and the ability to convert underground reserves into commercially marketable barrels. Chevron remained in Venezuela even after the 2007 nationalization drove Exxon and ConocoPhillips out of the country, two American companies with a long history in the sector. That continuity provides operational know-how and a prior relationship with Petro independence, but also places it at the center of an agreement that now blends business interests, foreign policy decisions, and a dispute over who will have the final say in the assets. The arrival of Chris Wright coincided with the public presentation of the investments and with legislative approval of the broader deal. U.S. Secretary of State Marco Rubio described the pact in an online interview as essentially established with the U.S. government and, specifically, with the Department of Defense, which would manage a special account to take possession of a determined percentage of the assets. The parallel agreement and the control dispute The Venezuelan National Assembly approved the separate agreement by a show of hands on Tuesday night, though some opposition lawmakers abstained, saying they had not seen the full terms. Representative Luis Emilio Rondón summarized the objection by claiming that parliamentarians needed to know what the fine print said, while the President of the National Assembly, Jorge Rodríguez, responded that oil benefits no one if it remains underground. According to Rubio, most of the 17 fields involved had previously been in Chinese and Russian hands. The White House presented the arrangement as a reaffirmation of the Monroe Doctrine, while those assets, tied to 100-year rights for American Blue Energy Partners, would contain 65 billion barrels. The design envisions creating a new company in which the U.S. Department of Defense’s Strategic Capital Office would hold a 35% stake. In addition, the State Department would be authorized to buy 20% of production at production cost, American citizens would need to hold a majority of the board, and Washington would have veto power over appointments. The proposed structure does not mean the United States would directly fund field recovery, according to officials cited, but it does aim to use Washington’s political and administrative backing to attract private investment. The difference will be decisive for assessing project risk, because private capital would bear development costs while U.S. authorities would gain governance influence and a share of production. Questions about partners and timelines The agreement has also drawn scrutiny due to the involvement of Alejandro Betancourt, owner of NABEP, an entity linked to the described structure for the assets. Betancourt has faced investigations for alleged money laundering in Spain and Switzerland without charges being filed, and has also been accused of involvement in a corruption scheme related to the state oil company PDVSA. An unidentified U.S. official called him a proven operator and acknowledged that geopolitics may force cooperation with imperfect figures. The same source clarified that no one was being touted as holy, but noted that Betancourt had been useful to the U.S. government in the past, a defense likely to fuel debates over transparency and due diligence. Analysts hold a cautious view on how quickly Venezuela could recover its production. The estimates range from one to ten years before the new barrels reach the market, a broad range that shows the announced expansion will not automatically translate into immediate supply. Washington also would not commit its own money to the company, according to the officials mentioned, because the administration believes its backing will be enough to attract the necessary capital. That bet faces a practical test: companies will have to assess legal certainty, operational stability, infrastructure status, and political conditions before turning official support into actual investments. Pressure on prices and the corporate response U.S. President Donald Trump said Monday that other large oil companies would follow Chevron and mentioned Exxon among those that would enter Venezuela. However, Exxon’s public stance did not show changes on Tuesday, when a spokesperson said nothing had changed after Chief Executive Darren Woods labeled the country uninvestable earlier this year. The divergence between political announcements and corporate responses illustrates the challenge facing the U.S. administration. One thing is to present Venezuela as a new strategic crude source and another is to convince shareholder-driven, legally constrained companies that the country’s risks are manageable. Washington’s urgency also has an internal component. Trump met Tuesday with oil executives at the White House as gasoline prices rose due to new U.S. strikes against Iranian targets near the Strait of Hormuz, and later posted a message claiming he was unleashing American energy dominance. Cheaper fuel is among the administration’s priorities ahead of the November midterm elections, in which Republicans could lose control of both the House and the Senate. In that context, the Chevron deal functions both as a long-term bet to raise oil supply and as a political signal showing that the White House seeks to respond to immediate consumer pressure. The outcome will depend on whether the commitments announced survive the complexities of the Venezuelan terrain and the tensions over control of the assets. For now, Chevron provides a precise investment figure and a production target of about 420,000 barrels per day by 2028, while Washington offers influence and backing, but the market still awaits proof that both promises can translate into additional barrels. Original image by DiarioBitcoin, AI-generated, free to use, public domain. This article was written by an AI content writer and reviewed by a human editor to ensure quality and accuracy. WARNING: DiarioBitcoin offers informational and educational content on various topics, including cryptocurrencies, AI, technology, and regulations. We do not provide financial advice. Investments in cryptoassets are high risk and may not be suitable for all. Do your research, consult an expert, and verify applicable law before investing. You could lose all your capital.

The American oil giant Chevron confirmed this Wednesday (02.09.2026) an expansion of its operations in Venezuela, just days after President Donald Trump announced a oil agreement with the Caribbean country. The agreements contemplate new concessions in the Orinoco Belt and updated legal, fiscal and commercial terms, the company said in a press release. Chevron plans to devote billions of dollars to the development of new oil fields in Venezuela. Thanks to this, it will be possible to invest more than 7 billion dollars over the next five years and to more than double production to about 600,000 barrels per day, compared with 2026. Chevron has three joint ventures with the state-owned Petróleos de Venezuela (PDVSA). Under the agreements, one of them, Petroindependencia, in which it holds a 49% stake, will operate two other oil fields, Carabobo 1 and Carabobo 2 Sur-A. These two fields "further strengthen Chevron’s growing portfolio in Venezuela," the oil company noted, which had continued to operate in Venezuela under Nicolás Maduro’s regime, captured in Caracas in a U.S. military operation on January 3. Washington seeks to expand its control over a significant portion of Venezuela’s energy resources. Energy Secretary Chris Wright is to finalize this Wednesday with the regime in charge of Delcy Rodríguez an agreement in Caracas that yields to Washington the exploitation of 65 billion barrels of oil, equivalent to a fifth of Venezuela’s oil reserves, a "historic" arrangement, according to Trump. Venezuela has the largest certified hydrocarbon reserves in the world, with more than 300 billion barrels. But its production remains very limited after decades of underinvestment, sanctions and corruption. Since the operation that led to Maduro’s capture in January, the Trump administration has focused on reactivating the exploitation of Venezuela’s oil and gas resources, amid an energy market strained in the last six months by the war against Iran. rr afp/dpa. Don’t let the algorithm hide the news. If you rely on that site for reliable information, please take a moment to select us as your preferred source on Google: click here and check the DW.com box to always view our verified news in your preferences.

Caracas.- As part of Venezuela's ongoing energy reform, the American corporation Chevron (CVX.N) announced an expansion plan that contemplates an investment exceeding 7 billion dollars with the aim of doubling its current Venezuelan crude production to approximately 600,000 barrels per day (bpd) within five years. The action will be carried out through the expansion of its joint ventures with the state-owned Petróleos de Venezuela (PDVSA). According to a Reuters news agency report, this announcement marks the culmination of several months of intense bilateral negotiations, conducted independently of the recent announcement between the United States and the Venezuelan government regarding the management of 17 strategic oil fields that cover more than 65 billion barrels of oil. Under this expanded new scheme, Chevron will obtain rights to almost half of the projected production. In recent months, production in Venezuela has remained around 1.1 to 1.2 million barrels per day. The American company (Chevron), which has recently maintained an average pumping rate of 290,000 barrels per day entirely destined for the United States market, detailed that the new agreements signed offer substantially improved tax, commercial, and legal conditions as well as the allocation of additional lands in the Orinoco Belt. Chevron spokespeople assured that the capital injection will boost the growth of its three operating joint ventures on Venezuelan soil, which already show a 15% year-to-date production increase. In terms of efficiency, the corporation anticipates total extraction costs to remain optimized below $20 per barrel. Expansion in the Orinoco Belt As part of the assets incorporated, the Petroindependencia joint venture — in which Chevron holds a 49% stake — formally received the exploitation rights to develop two new commercial areas in the Orinoco Belt, significantly expanding its operational footprint in the country’s main hydrocarbon reserve. “Chevron’s history in Venezuela spans over a century, and our expanded position reflects our confidence in the country’s vast resource potential and its ability to compete for investments within our portfolio for decades,” said Chevron’s President and Chief Executive Officer Mike Wirth, in an official statement. Follow us on Telegram, Instagram, Facebook, and Twitter to receive all our updates in real time.

Venezuela: Chevron announces a $7 billion extension deal after Washington’s approval of control of a fifth of the country’s oil The second-largest American oil company said it would develop two additional fields in the Orinoco belt, Venezuela, which will more than double its production in five years, as part of a $7 billion deal. The joint venture between Chevron and PetroIndependencia, in which Chevron holds 49% of the equity, will develop two virgin sites near existing works and will raise output to around 600,000 barrels per day, according to a group press release. U.S. Energy Secretary Chris Wright arrived in Venezuela on Tuesday night to announce new investments, Chevron being the first company to position itself after the agreement just approved by Venezuela’s National Assembly. Chevron is the only major American producer to have remained in Venezuela since Hugo Chávez completed the sector’s nationalization in 2007, a decision that prompted Exxon and ConocoPhillips to leave the country. After landing in Caracas, Wright immediately addressed the media and said that “while significant investments are flowing into this country, they create more jobs, which puts upward pressure on wages and creates opportunities for prosperity for Venezuelans.” A vote and a debate over the fine print This announcement comes with a far more important stake: a separate agreement giving Washington control of a fifth of Venezuelan oil through a completely different operator. Venezuelan lawmakers approved the agreement by a show of hands on Tuesday evening, although some opposition members abstained, saying they did not have access to the text. “We must, and we have the obligation, to know what is written in the fine print,” said opposition deputy Luis Emilio Rondón. “Who benefits from this oil if it stays underground?” retorted the President of the National Assembly, Jorge Rodríguez. In a Spanish-language online interview broadcast on Tuesday, U.S. Secretary of State, Marco Rubio, described the agreement bluntly. “Basically, this is now an agreement with the American government, and more precisely with the Department of Defense, which has a special account allowing it to take possession of a certain percentage of these assets,” Rubio explained, adding that American backing would help the company attract the private investments needed to develop the fields. The “vast majority” of the 17 fields were in Chinese and Russian hands, Rubio noted, as the White House also presents this agreement as a reaffirmation of the Monroe Doctrine. These fields come with 100-year exploitation rights to North American Blue Energy Partners (NABEP) and contain 65 billion barrels. A new company will be created, in which the Department of Defense’s Office of Strategic Capital will hold 35% of the equity, with the State Department authorized to purchase 20% of production at cost. U.S. citizens will have to make up the majority of the board of directors and Washington will have a veto on appointments. NABEP belongs to Alejandro Betancourt, targeted by investigations for suspected money laundering in Spain and Switzerland that did not lead to charges, and accused of participating in a corruption system within the state-owned producer PDVSA. An American official, who wished to remain unnamed, described him as a “seasoned operator,” while acknowledging that geopolitics sometimes requires dealing with imperfect interlocutors. “I’m not proposing anyone’s canonization,” the official said. “What I’m telling you is that this person, in the past, has been useful to the U.S. government.” What the agreement does not settle However, analysts doubt a quick recovery in production, with estimates ranging from one to ten years before the new barrels reach the market. Washington will not invest money in the joint venture, say officials, arguing that its support is enough to attract the capital needed. U.S. President Donald Trump hinted on Monday that others would follow Chevron’s lead. “Exxon is going, Chevron is going. Our big oil companies are going,” Trump said. Exxon’s position, however, appears unchanged: on Tuesday, a spokesman said that “nothing has changed” after its CEO Darren Woods had already described Venezuela as a country “where you cannot invest” earlier this year. For the American administration, the urgency is domestic. On Tuesday, President Donald Trump met with oil industry leaders at the White House as gas prices climbed after new U.S. strikes against Iranian targets near the Strait of Hormuz, writing afterward that “we are unleashing American energy dominance.” Lowering fuel prices is a priority ahead of the November midterm elections, in which Republicans could lose control of both the House of Representatives and the Senate.

Chevron, the only U.S. oil company with a major presence in Venezuela, will expand its operations there. The oil giant confirmed the news Wednesday, just days after President Donald Trump announced a deal to rebuild Venezuela’s oil reserves and give the Pentagon a stake in the profits. Chevron’s Venezuela expansion What they're saying: Chevron says it has been given additional land in the Orinoco Belt, where it already has operations. "Chevron’s history in Venezuela spans more than a century, and our expanded position reflects our confidence in the country’s deep resource potential and its ability to compete for investment within our portfolio for decades," CEO Mike Wirth said in a prepared statement. Chevron said it plans to invest more than $7 billion in Venezuela over the next five years and hopes to double its current production there to about 600,000 barrels a day. (Photo by Charles-McClintock Wilson/NurPhoto via Getty Images) By the numbers: The company said it plans to invest more than $7 billion over the next five years and hopes to double its current production to about 600,000 barrels a day. Venezuela’s vast oil reserves Venezuela holds more than 303 billion barrels of crude oil in its reserves. It’s the world’s largest reserve, according to OPEC’s 2025 Annual Statistical Bulletin. Saudi Arabia is a distant second with 267 billion barrels. Dig deeper: Despite its vast reserves, the country’s infrastructure is degraded and the nation is operating under international sanctions, bringing its daily production to just over 1 million barrels. The U.S. produces almost 14 million barrels per day. Chevron, the second-largest U.S. oil company, has had a presence in Venezuela since 1923. Why does Trump want Venezuela’s oil? The backstory: Trump has been after Venezuela’s oil since the U.S. military captured former Venezuelan President Nicolás Maduro in January. He has pressed to get U.S. oil companies back into the country, but there’s no evidence that any other major companies are interested. Exxon Mobil CEO Darren Woods said in January that Venezuela was "uninvestable." An Exxon spokesman said this week that "nothing has changed." The agreement for the U.S. to have a stake in Venezuela’s oil has been met with skepticism from analysts. Trump has said it will "substantially lower" gasoline prices in the U.S., but experts say it’s not likely given that it’ll take several years and billions of dollars to rebuild the country’s oil business. There are also concerns over whether Venezuela’s acting president, Delcy Rodríguez has the authority to give Chevron 100-year rights without approval by the country’s National Assembly. The national average price for a gallon of regular gasoline jumped overnight to $4.12, according to the motor club AAA. That is 93 cents more than it cost at this point last year. The Source: This report includes information from The Associated Press.

A woman covering a child from the rain walks along the shore of Lake Maracaibo in the oil-producing region of Cabimas, Venezuela, Tuesday, Sept. 1, 2026. (AP Photo/Ariana Cubillos) Oil giant Chevron confirmed that it will expand operations in Venezuela after President Donald Trump announced an ambitious deal to develop the nation’s oil reserves and give the Pentagon a stake in the profits. Chevron, the only U.S. oil company with a major presence in Venezuela, said Wednesday that it has been assigned additional acreage in the Orinoco Belt, where it has active operations. The company plans to invest more than $7 billion over the next five years, with the goal of more than doubling its current production to about 600,000 barrels a day. “Chevron’s history in Venezuela spans more than a century, and our expanded position reflects our confidence in the country’s deep resource potential,” CEO Mike Wirth said in a prepared statement. Venezuela holds the world’s largest proven reserves, totaling more than 303 billion barrels of crude oil, according to OPEC’s 2025 Annual Statistical Bulletin. Saudi Arabia is a distant second with 267 billion barrels. Yet because Venezuela’s energy infrastructure is severely degraded and the nation is operating under international sanctions, its daily production is just over 1 million barrels, compared with the 10 million to 11 million barrels that Saudi Arabia produces each day. The U.S. produces almost 14 million barrels per day. Chevron, the second-largest U.S. oil company, has had a presence in Venezuela since 1923. U.S. Energy Secretary Chris Wright on Wednesday attended a ceremony in Venezuela’s capital in which Chevron, Italian oil company Eni and other energy companies signed agreements with the South American country’s government. “President Trump’s mission in Venezuela is straightforward. The mission is to bring peace, freedom, opportunity and prosperity to the people of Venezuela,” Wright said in Caracas. “I believe the deals that are signed today – tens of billions of dollars of investment, ultimately many thousands of jobs – are critical in starting this ball rolling of peace, opportunity and prosperity for everyone in Venezuela.” The White House confirmed Monday that it is partnering with North American Blue Energy Partners, NABEP, as part of Trump ’s push to tap into Venezuela’s oil industry. Yet the agreement has been met with skepticism from energy experts who say it will take years to revive Venezuela’s oil industry, which is in disarray after years of neglect. There are also questions about whether Venezuela’s acting president, Delcy Rodríguez, has the authority to give NABEP 100-year rights over 17 oil fields with reserves of 65 billion barrels — and whether future Venezuelan or American administrations would overturn the agreement. Venezuela’s constitution states that arrangements like the one that the United States has entered must be approved by the National Assembly, which has not happened, wrote Ian Vásquez, vice president for international studies at the Cato Institute. “The deal lacks legitimacy since it was agreed to with a dictatorship that has clung to power for decades through violence and by committing what was probably the largest electoral fraud in Latin American history in 2024,” Vásquez wrote. “The agreement was also reached under overwhelming pressure, military and otherwise, from the United States. As such, any future Venezuelan democracy will question the deal, thus undermining confidence in the current arrangement.” The ruling party-controlled National Assembly expressed support for the agreement during its Tuesday session, but lawmakers held no debate or voted to approve it. Wright on Wednesday pushed back on criticism, telling reporters that the deal is “a massive win” for both countries. “Because what it’s going to do is take resources that are underground, not helping anyone, and invest capital and money and technology and bring them to the surface to better the lives of Venezuelans, better supply energy to Americans,” Wright said during a joint press conference with Rodríguez. Trump has eyed Venezuela’s oil since the January capture of then-President Nicolás Maduro and has pressed to get U.S. businesses back into the country. “We have Exxon going in, we have Chevron going in. We have our big oil companies going in,” he said that same month. He suggested again on Monday that other U.S. oil majors were preparing for a return, though other than Chevron, there is no evidence of that. Exxon Mobil CEO Darren Woods said in January that Venezuela was “ uninvestable.” An Exxon spokesman said this week that “nothing has changed.” The history of U.S. oil majors in Venezuela explains the hesitation. Venezuela nationalized its oil industry in 1976 and created the state-owned company Petróleos de Venezuela S.A. A second nationalization occurred in 2007, when President Hugo Chávez pushed foreign oil companies into state-controlled joint ventures and seized the assets of companies that refused. Chevron agreed to a joint venture. Others, including Exxon and ConocoPhillips, refused, and Venezuela took their assets. Trump has said that the agreement with Venezuela would “substantially lower” gasoline prices in the U.S. However, analysts have repeatedly warned that Venezuela’s dilapidated oil infrastructure will require years of restoration work and tens of billions of dollars to resuscitate. “It could take 2 to 4 years to get new greenfield facilities online in the Orinoco region,” Amy Jaffe, director of the Global Energy, Climate, and Sustainability Lab at New York University, said in an email. “Other places where there is no pipeline and other kinds of support infrastructure could take longer.” Meanwhile, the national average price for a gallon of regular gasoline jumped overnight to $4.12, according to the motor club AAA. That is 93 cents more than it cost at this point last year. ____ Garcia Cano reported from Caracas. Associated Press writers Aamer Madhani and Collin Binkley in Washington contributed to this report.

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The U.S. Secretary of Energy, Chris Wright, travels to Venezuela on September 2 to implement the petroleum agreement approved the day before by the National Assembly. Chevron announces an expansion of its operations in a country with 300 billion barrels of reserves, with 17 fields representing 65 billion barrels now under American control. The U.S. Energy Secretary, Chris Wright, is in Caracas on September 2, 2026 to implement the petroleum agreement signed between the United States and Venezuela. This visit marks the start of a significant operational expansion in a country that holds the world's largest oil reserves, with Chevron leading the way to increase production. Venezuela currently produces about 1.2 million barrels of oil per day, far below its historical peak of over 3 million barrels daily. This decline results from prolonged economic sanctions, underinvestment, and technical difficulties. The agreement approved on September 1 by the Venezuelan National Assembly aims to reverse this trend by attracting substantial American investments. Wright expressed his optimism, stating that prosperous years lie ahead thanks to these investments, which will create jobs, boost wages, and offer new opportunities to Venezuelans. He predicts a doubling of production capacity in the coming years. With about 300 billion barrels of proven reserves, Venezuela surpasses Saudi Arabia and all other global producers. These resources, primarily located in the Orinoco oil belt, remain underutilized. The August 28, 2026 agreement grants the United States control of 17 fields representing 65 billion barrels, about one-fifth of the country’s total reserves. This American takeover also addresses geopolitical considerations. Wright noted that the agreement secures fields previously under Chinese and Russian influence. Donald Trump had initially described the deal as the “largest oil deal in world history.” Chevron, present in Venezuela for more than a century, currently produces 270,000 barrels per day according to July 2026 figures. This production has risen by 30,000 barrels since January, illustrating a gradual recovery of activities. As the United States’ second-largest oil producer, Chevron holds a favorable position in the South American country. According to an anonymous American official, Secretary Wright will head a delegation for meetings in Venezuela, where Chevron will announce an expansion of its operations. This broadening rests on the full lifting of the crude Venezuelan oil embargo, repealed in 2025 after an exception for Chevron. The announcement expected this Wednesday, September 2, should clarify the terms of Chevron’s production increase. The group could unveil its investments in new extraction and refining infrastructure, as well as the timeline for their development. Energy sector experts foresee a potential doubling of Chevron’s production in the medium term, reaching more than 500,000 barrels per day. This expansion fits into a broader strategy involving other players. The agreement provides for a 35% stake in North American Blue Energy Partners, owned by Alejandro Betancourt, allowing diversification of operators while maintaining American control over strategic fields. The 17 fields under American control, representing 65 billion barrels, constitute an immense reserve equivalent to almost 15 years of American consumption at current pace. While their exploitation will take several years, it could significantly alter the dynamics of the global oil market. In the current geopolitical context, this agreement takes on heightened strategic importance. With Brent at $95.32 per barrel following tensions in the Strait of Hormuz, securing new sources of supply in the Western Hemisphere is a priority for Washington. Official estimates suggest Venezuela would accumulate wealth of $209 billion over 25 years thanks to this agreement. In addition to Chevron, other deals are expected to be announced soon to increase Venezuela’s oil production capacity. Government sources mention partnerships with other major U.S. companies and firms specializing in deep-water extraction. Venezuela’s Minister of Defense, General Gustavo Gonzalez Lopez, ratified the agreement on behalf of the armed forces on September 1, ensuring the safety of operations and infrastructure. This military endorsement facilitates rapid deployment of technical teams and the equipment needed to expand production. The first tangible results of this ramp-up are expected in the first quarter of 2027, with a national production goal exceeding 2 million barrels per day by 2028.

MY NEWS SELECTION Personalized news, tailored to your topics of interest The agreements are not tied to the controversial Caracas-Washington deal, which gives the United States access to 17 large oil fields The American oil companies Chevron CVX.N and the Italian Eni ENI.MI signed key agreements with Venezuela on Wednesday, committing to undertake major oil projects aimed at boosting the production of the OPEC member country, according to government officials and executives. The agreements are not tied to the controversial Caracas-Washington pact, which grants the United States access to 17 large oil fields. Most of the pacts relate to expanding projects that have been negotiated with Venezuela’s Ministry of Hydrocarbons and the state oil company PDVSA, as part of the renegotiation of dozens of energy contracts under a broad oil reform approved in January. Even so, signing these agreements represents the latest effort by private companies with a long track record in Venezuela to help restart its oil industry, which currently produces around 1.25 million barrels per day (bpd), well below its late-1990s peak of 3 million bpd. "What we need is not just to sign papers, we need barrels," said ENI CEO Claudio Descalzi during the event, held at the Miraflores Presidential Palace in Caracas, who added that drilling of the first well would begin tomorrow after the agreements. Most of the major oil companies have avoided making large investments in the country for years, pulling back after the 2007 nationalization. The industry has also been affected by underinvestment, mismanagement, and sanctions imposed by the United States, which now leads a $100 billion investment plan that, according to officials, will double production in the coming years. Chevron CEO Mike Wirth stated that the company is committed not only to these projects but also to consolidating a century of progress. The oil company has maintained a steady presence in Venezuela even after other major oil companies exited following asset seizures during former President Hugo Chávez’s tenure. Other companies that signed agreements on Wednesday include utility GE Vernova GEV.N, Primavera Energy, and Denver-based oilfield services company Aspect. During negotiations over wording, China proposed an amended phrase that would have addressed trade imbalances S&P 500 futures and Nasdaq-100 futures fell, as did the European benchmark Stoxx 600 index Turning to the endowment fund can sometimes work, and that is one of the reasons why schools keep trying to use it

Oil giant Chevron confirmed that it will expand its operations in Venezuela, just days after President Donald Trump announcedan ambitious dealto develop thenation’s oil reservesand give the Pentagon a stake in the profits. Canadian Prime Minister Mark Carney told the Trump administration Tuesday to “stop doing memes, stop throwing shade and stop trying to be tough,” as he pushed back againsta fresh wave of tauntsfrom Washington. Carney said U.S.-Canadatrade talks couldresume if Washington becomes serious about negotiations. And a record percentage of Americans — about 9 in 10 — believe there's widespread corruption in the U.S. government, according to anew Gallup pollreleased Wednesday. That’s up 10 percentage points from last year. Here's the Latest: A U.S. Coast Guard jet carrying Homeland Security Secretary Markwayne Mullin made an emergency landing in Washington after one of its engines failed. “The United States Coast Guard pilots made the single engine landing feel routine,” Mullin posted on X. “No panic, just straight professionalism. After we landed, the pilots told me that was a first for them! We could not have been in better hands.” In an air traffic control recording shared by Mullin, one of the Coast Guard pilots calmly reports an engine failure, declares an emergency and requests immediate landing at Washington’s Ronald Reagan National Airport. She tells the controller there are 14 people on board. Trump will now be speaking on both nights of the unusual two-day midterm convention he is holding in Texas next week. Trump’s keynote address, which had previously been announced for Thursday, will now happen Wednesday night, according to Rick Gorka, a convention spokesperson. Trump will also then speak Thursday night after Vice President JD Vance’s address to close out the Dallas gathering, he said. The two-day event, which has been dubbed “Trump-a-Palooza” by the Republican National Committee chairman, is being held to try to bolster Republican enthusiasm ahead of this fall’s midterm elections, which will determine which party controls Congress during Trump’s last two years in office. The Trump administration is wading into alegal fight between OpenAI and the New York Times, backing the ChatGPT-maker’s argument in aclosely watched caseover how it builds its AI technology by ingesting and processing millions of news articles. In court papers filed Tuesday, the Justice Department supported OpenAI’s argument that training its AI models on troves of writings found on the internet is protected by the “fair use” doctrine of copyright law. The Justice Department argued that “the creative possibilities and public benefits” of training large language models on such content “far outweigh any competitive harm.” The New York Times said Wednesday that the administration is siding with AI companies at the expense of the American creators “whose work they stole.” ▶Read more “I want to do it when we’re ready to do a peace deal,” Trump told reporters of a meeting with Putin. “We want to have good relations with Russia, Ukraine, with everybody. Be great for business.” Trump said he could get a meeting “immediately,” but that he’d rather meet when the war is close to ending. Trump told reporters that the award-winning actor Voight, known for “Deliverance” and “Coming Home,” visited the president and urged him to help the film industry, which is increasingly traveling to other countries to save on production costs. “Many countries give tremendous incentives to take our film industry,” Trump said, adding that he’s going to “offer the tax credits that other countries are offering.” The proposed legislation would be called the Motion Picture, Television and Entertainment Revitalization Act, the president said, adding that it has union and bipartisan support. “Hollywood is dead, and they wanted to be revived,” he said. “I’d like to get it done.” The president on Tuesday night, after the latest round of back-and-forth strikes with Iran, posted on social media, “When are the Iranian people going to rise up and fight?” Asked on Wednesday if he was ready to send Iran’s opposition arms to try to take out the Iranian theocracy, Trump demurred. “I’d love to tell you that, but it wouldn’t be appropriate to say,” Trump said. “But I mean, I understand their plight. They’re being shot.” Tillis, a Republican, wrote in a post on X Wednesday that Hegseth is “creating a leadership void at the top of our military ranks.” The post comes after the resignation of Army Secretary Dan Driscoll, who Tillis said was “the right man at the right moment.” Several other generals and high-ranking officials have resigned or been ousted in recent months. Tillis urged Trump to find a new leader at the Pentagon who will “retain and empower our military talent.” “I have never witnessed more inept management of the brave men and women who serve our country,” Tillis said of Hegseth. “He is intimidated by competence and retreats to ginning up culture wars instead of soberly attending to the vital work of our national defense and the health and well-being of our fighting force.” The North Carolina senator was the final deciding vote on Hegseth’s confirmation in January 2025 after expressing concerns about his leadership potential. ByJESSE BEDAYN “We have a very good senator named Dan Sullivan,” said Trump, referring to the incumbent Republican lawmaker, who is now in a general election against Democratic candidate Mary Peltola andanother man named Dan Sullivan. The mirror names have caused quite a kerfuffle, with accusations that the latter Sullivan was in the race merely to confuse voters. “They have a phony Dan Sullivan,” said Trump, speaking with reporters, before he criticized Alaska’s ranked-choice voting system that picks the top four finishers to move on to a general election. “It’s a long trip, I love Alaska,” said Trump, “I will go to Alaska to help Dan Sullivan get elected.” Asked about the possibility of Venezuela holding elections now that it has been nearly eight months since the U.S. toppled that country’s president, Trump replied, “I just don’t think they’re ready yet.” “We took them out of a dictatorship, and we’re getting along great with the government,” Trump said. He added of elections, “We want that. And they want that.” A U.S. raid in early January deposed Venezuelan President Nicolas Maduro. His replacement, Delcy Rodriguez, recently signed a deal allowing U.S. interests to tap the country’s vast oil reserves. Trump said Rodriguez also backs eventually holding elections in Venezuela but insisted, “They’re not ready yet.” Tiger Woodspleaded no contest to a reckless driving charge, with his driver’s license suspended for five years on Wednesday followinga March rollover crashin Florida, where he initially was accused of driving under the influence. Body camera footagethat was taken shortly after the crash shows Woods, who is a longtime friend of Trump, taking out his phone after the crash and telling a deputy, “I was just talking to the president.” Trump, in an exchange with reporters, said he thought the resolution of the case was fair. “I told him that a long time, ‘Why don’t you get somebody to drive you?’ So, he’s going to have somebody drive him from now on,” Trump said. “And, you know, he’s just a very special guy. I’m glad that was resolved.” The president insisted he doesn’t think the Iran war will last “much longer.” But, he added, “It doesn’t matter. And I’m not affected by the election.” “I’m not running. But my party is running and I’m going to help my party,” Trump said. “But I think my party respects the fact that we’re not allowing Iran to have a nuclear weapon.” The president has repeatedly shrugged off suggestions that political pressure is mounting on him to end the war with the midterm elections now looming. But Trump’s comments contrast with his previous comments. Trump said during a rally for Sen. Darline Graham, where she ultimately won her runoff race, “Pretend, please, that I’m on the ballot.” “I was not a fan,” said Trump, speaking to reporters. Trump said he had good relationships with Queen Elizabeth II and King Charles III, and he thought the couple “treated the royal family with great disrespect; I didn’t like it.” The Duke and Duchess of Sussex announced earlier this month they were bound back across the pond for an extended stay, but that they wouldn’t resume their working roles as members of the royal family. Musing on it, Trump finished, “If I were the Royal Family, I would not have taken them back.” “We just completed it, essentially, today, one of the most beautiful heliports you’ve ever seen,” the president said. “It’s something very special,” he added. “And we built it a little ahead of schedule. And it came out even more beautiful than I thought.” Trump has suggested that crews were hustling to finish the helipad on the South Lawn ahead of a White House visit by Chinese President Xi Jinping later this month. Trump said of Xi, “love to have him” coming. Standing aside a seated Trump, the transportation secretary said that while Congress allocated the agency $12.5 billion for air traffic control, “we need additional money for software.” Air traffic control has come under increased scrutiny after an American Airlines passenger jetfatally collidedwith an Army helicopter last year. Earlier this month, an airline jet was cleared to take off as the president’s Marine One took off. Duffy said there will be an announcement about the request for additional funds in the next 30 days, but he didn’t specify how much he’d be asking for. The president welcomed top leaders in the industry to “celebrate record-setting summer travel in the USA,” sitting flanked by representatives from American Airlines, Hilton, and Caesars Entertainment, among others, as well as Transportation Secretary Sean Duffy. Trump touted travel boosts from the FIFA World Cup, as well as celebrations for America’s 250th birthday, before turning toward the 2028 Olympics in Los Angeles. “This is the summer that showed the world America is back,” Trump said, and now, “we want to make this the best Olympics of them all.” The secretary of state is pushing back against criticism that a massive oil deal with Venezuela has weakened the Trump administration’s commitment to restoring democracy there. In an interview aired Wednesday, Rubio said the administration’s goals remain to stabilize the country, assist with its economic and social recovery and then support a democratic transition through free and fair elections. “All of that remains a priority of this administration, and it’s something we’re working towards,” he told Fox News host Brian Kilmeade in an interview recorded Tuesday. But Rubio said those would take time, noting that it has been only nine months since former President Nicolas Maduro was toppled in a U.S. military operation. He said Eastern European nations took four to five years to transition to democracy after the collapse of the Soviet Union. “We can do it much faster here,” he said. “We’re pushing very hard on it. As Trump eyes changes to the golf course at East Potomac Park to draw prestige golf events, Muriel Bowser said the city could “stand to attract world-class golf.” But she also said it’s important that the public still be able to enjoy the park, a scenic space on the Washington waterfront popular for running, biking, fishing and picnicking. “The question is, for us, we still need public access,” she told reporters after an event focused on using sports to draw visitors to the nation’s capital. “People need to be able to access the park and Hains Point and get around, drive around, ride around the park.” In a nation that celebrates its military history, the responsibilities and burdens of military life fall more heavily on some families and communities than others. Most American adults either don’t serve or aren’t very connected to the people who do and their families. These days, the military includes about 2 million people on active duty or in the National Guard and reserves, a tiny portion of the roughly 230 million adult citizens and legal permanent residents in the country. The public doesn’t always pay attention unless there’s a crisis, like theconcerns over mental health for USS Abraham Lincoln sailorswho had been on an expanded deployment as part of theU.S. war against Iran. There’s a military-civilian divide, a gap in understanding and connection that shapes public policy, the realities of everyday military life and the views and stereotypes each side holds about the other. ▶Read more Securing American Greatness is running new ads touting the president’s record ahead of the November elections. One celebrates the passage of policies like “No tax on tips,” Social Security and overtime, and credits Trump with lowering the prices of eggs and prescription drugs, even though overall consumer prices have continued to rise and remain a top concern for voters. “He’s fighting for you every day. Help him finish the job,” the narrator says. The second features footage of Trump at an Ultimate Fighting Championship fight night and the group’s president calling him “the toughest, most resilient person that I’ve ever met.” The group has booked nearly $1 million in ads so far, according to AdImpact, which tracks ad reservations. The nonprofit previously spent big supporting Trump in the 2024 and also helped promote Republicans’ “Big Beautiful Bill.” On a visit to Caracas, Wright said the US. is “not taking any oil here” in its deal to developVenezuela’s oil reservesand give the Pentagon a stake in the profits. “This is a deal between a commercial enterprise that’s operating in Venezuela today,” Wright told Bloomberg TV Wednesday. “We’re just coming in as a partner, a passive partner ... with very active controls to make sure highest business practices are followed, and to work with them to bring more capital so we can accelerate the development of these (oil) reserves.” Under the deal, the U.S. is entering a joint venture with North American Blue Energy Partners, a company owned by Venezuelan businessman Alejandro Betancourt. The company is already the second largest operator in Venezuela, behind Chevron. Wright is expected to meet with acting Venezuelan President Delcy Rodriguez and announce agreements with energy companies. Apple’s move followedcompetitor Googledays after Trumpordered a new namefor the body of water. Users outside of the U.S. still see the name the lake has had since before the U.S. and Canada existed. Apple did not immediately respond to a request for comment on Wednesday. Interior Secretary Doug BurgumtoldFox this week that Trump hadreached out to the company “directly”about the change. The president’s executive order on Friday directed the Interior Department to update the lake’s name in the U.S. Geographic Names Information System, asone of the latest provocationsduring his trade war with Canada. MapQuest declared that it won’t change Lake Ontario’s label, and was topping the charts for downloads of free apps Wednesday in Apple’s App Store. The app owned by California-based System1 alsogave users the optionto name the lake “whatever you want.” The secretary of state said the US will continue pressuring Iran until it drops any nuclear weapons ambitions and ends support for terrorism in the Middle East and beyond. “The

Oil giant Chevron confirmed that it will expand operations in Venezuela after President Donald Trump announced an ambitious deal to develop the nation's oil reserves and give the Pentagon a stake in the profits. Chevron, the only U.S. oil company with a major presence in Venezuela, said Wednesday that it has been assigned additional acreage in the Orinoco Belt, where it has active operations. The company plans to invest more than $7 billion over the next five years, with the goal of more than doubling its current production to about 600,000 barrels a day. "Chevron's history in Venezuela spans more than a century, and our expanded position reflects our confidence in the country's deep resource potential," CEO Mike Wirth said in a prepared statement. Venezuela holds the world's largest proven reserves, totaling more than 303 billion barrels of crude oil, according to OPEC's 2025 Annual Statistical Bulletin. Saudi Arabia is a distant second with 267 billion barrels. Yet because Venezuela's energy infrastructure is severely degraded and the nation is operating under international sanctions, its daily production is just over 1 million barrels, compared with the 10 million to 11 million barrels that Saudi Arabia produces each day. The U.S. produces almost 14 million barrels per day. Chevron, the second-largest U.S. oil company, has had a presence in Venezuela since 1923. "President Trump's mission in Venezuela is straightforward. The mission is to bring peace, freedom, opportunity and prosperity to the people of Venezuela," Energy Secretary Chris Wright said Wednesday in Caracas, Venezuela. "I believe the deals that are signed today -- tens of billions of dollars of investment, ultimately many thousands of jobs -- are critical in starting this ball rolling of peace, opportunity and prosperity for everyone in Venezuela." The White House confirmed Monday that it is partnering with North American Blue Energy Partners, NABEP, as part of Trump's push to tap into Venezuela's oil industry. Yet the agreement has been met with skepticism from energy experts who say it will take years to revive Venezuela's oil industry, which is in disarray after years of neglect. There are also questions about whether Venezuela's acting president, Delcy Rodríguez, has the authority to give NABEP 100-year rights over 17 oil fields with reserves of 65 billion barrels -- and whether future Venezuelan or American administrations would overturn the agreement. Venezuela's constitution states that arrangements like the one that the United States announced this week must be approved by the National Assembly, which has not happened, wrote Ian Vásquez, vice president for international studies at the Cato Institute. "The deal lacks legitimacy since it was agreed to with a dictatorship that has clung to power for decades through violence and by committing what was probably the largest electoral fraud in Latin American history in 2024," Vásquez wrote. "The agreement was also reached under overwhelming pressure, military and otherwise, from the United States. As such, any future Venezuelan democracy will question the deal, thus undermining confidence in the current arrangement." Wright on Wednesday told reporters during a joint news conference with Rodríguez pushed back on criticism. "This is a deal that's a massive win and benefit for the people of the United States of America and a massive win for the people of Venezuela," he said. "Because what it's going to do is take resources that are underground, not helping anyone, and invest capital and money and technology and bring them to the surface to better the lives of Venezuelans, better supply energy to Americans." Trump has eyed Venezuela's oil since the January capture of then-President Nicolás Maduro and has pressed to get U.S. businesses back into the country. "We have Exxon going in, we have Chevron going in. We have our big oil companies going in," he said that same month. He suggested again on Monday that other U.S. oil majors were preparing for a return, though other than Chevron, there is no evidence of that. Exxon Mobil CEO Darren Woods said in January that Venezuela was "uninvestable." An Exxon spokesman said this week that "nothing has changed." The history of U.S. oil majors in Venezuela explains the hesitation. Venezuela nationalized its oil industry in 1976 and created the state-owned company Petróleos de Venezuela S.A. A second nationalization occurred in 2007, when President Hugo Chávez pushed foreign oil companies into state-controlled joint ventures and seized the assets of companies that refused. Chevron agreed to a joint venture. Others, including Exxon and ConocoPhillips, refused, and Venezuela took their assets. Trump has said that the agreement with Venezuela would "substantially lower" gasoline prices in the U.S. However, analyst have repeatedly warned that Venezuela's dilapidated oil infrastructure will require years of restoration work and tens of billions of dollars to resuscitate. "It could take 2 to 4 years to get new greenfield facilities online in the Orinoco region," Amy Jaffe, director of the Global Energy, Climate, and Sustainability Lab at New York University, said in an email. "Other places where there is no pipeline and other kinds of support infrastructure could take longer." Meanwhile, the national average price for a gallon of regular gasoline jumped overnight to $4.12, according to the motor club AAA. That is 93 cents more than it cost at this point last year. Meanwhile, the national average price for a gallon of regular gasoline jumped overnight to $4.12, according to the motor club AAA. That is 93 cents more than it cost at this point last year. As of Wednesday, the average price for a gallon of regular gasoline in Arkansas was $3.76, according to AAA. That is $1.01 higher than one year ago. Information for this article was contributed by Aamer Madhani and Collin Binkley of The Associated Press.

Chevron to expand in Venezuela, days after the U.S. and Venezuela strike oil deal 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. In an online statement posted this morning, Chevron says as part of a joint venture, it plans to invest over $7 billion over the next five years. This, the company says, will expand its production to approximately 600,000 barrels of oil per day. The Chevron deal comes less than a week after the Trump administration announced a new deal to develop 17 Venezuelan oil fields — with an estimated 65 billion barrels of oil — in a joint venture with North American Blue Energy Partners, a private oil company headquartered in Barbados. It also comes as President Trump has encouraged American oil companies to invest in Venezuela's oil operations. Venezuela's been an oil-producing nation for around a century and was a founding member of OPEC, the Organization of the Petroleum Exporting Countries. Chevron first established a presence in Venezuela in the 1920s. It stayed even after the country nationalized its oil industry in 1976, and later tightened control over its oil industry in the 1990s under then-President Hugo Chávez. Rivals ExxonMobil and ConocoPhillips left in 2007 after Chavez renegotiated contracts with international companies. While Venezuela is sitting on some of the world's largest oil reserves, they are still underground. It will take some time and effort to refine and extract. "It's a little bit like sitting on a lottery ticket that's just a little bit out of our reach, and you're always having to try to stretch yourself to get it," says Alejandro Velasco, a New York University historian who specializes in Venezuela and Latin America. Much of the country's oil infrastructure has been in disrepair for more than a decade. Velasco says corruption and low oil prices in the early 2000s contributed to the dilapidated state of Venezuela's facilities. In refineries today, he says, one would see rusty equipment, leaks, even broken fences where copper thieves came in to steal wire. "All of [the challenges] need to be solved before even thinking about increasing production in a sustained manner," says Jorge Leon, head of geopolitical analysis at the independent research firm Rystad Energy. In January, Rystad analysts said it would take more than a decade, and $183 billion, to effectively restore Venezuela's oil production to a 1990s-era level of around 3 million barrels a day. Editor's note: This story was updated to include comments from U.S. Secretary of Energy Chris Wright and Chevron CEO Mike Wirth. Sept. 2, 2026 Correction Sept. 2, 2026 A previous version of this story incorrectly said in one instance that the Trump administration's joint venture with North American Blue Energy Partners would develop 17 Venezuelan fields worth an estimated 65 barrels of oil. They are estimated to be worth 65 billion barrels, according to the Trump administration.

Covering the operations of the oil and gas industry A newly signed agreement gives a Chevron joint venture an expanded operating footprint in Venezuela, where the company is working to increase extra-heavy oil production. Chevron Corp. is expanding its acreage position in Venezuela under updated terms for its current joint ventures in the country, a move the company said supports plans to invest more than $7 billion over the next 5 years and more than double production to about 600,000 b/d from expected 2026 levels. In a release Sept. 2, 2026, Chevron said it has been assigned additional acreage in the Orinoco Belt, where the company already holds interests. The Petroindependencia SA joint venture, in which a Chevron subsidiary holds a 49% interest, has been assigned rights to develop the adjacent Carabobo 1 and Carabobo-2-South-A areas in the Orinoco Belt. The greenfield sites expand the joint venture's existing operating footprint, where it is increasing extra-heavy oil production, Chevron said. The acreage assignment follows an April agreement that increased Chevron's interest in Petroindependencia to 49% and retained rights to develop the Ayacucho 8 area adjacent to the Petropiar SA joint venture. Together, Chevron's three joint ventures have increased production by 15% year to date, the company said. Chevron said Venezuela's resource base and operating costs of less than $20/bbl present an opportunity to increase oil production while maintaining capital discipline. "Chevron's history in Venezuela spans more than a century, and our expanded position reflects our confidence in the country's deep resource potential and its ability to compete for investment within our portfolio for decades," said Mike Wirth, chairman and chief executive officer. "With improved terms and additional acreage, we are strengthening a portfolio that we believe can deliver attractive low-cost oil growth, support energy supply and create differentiated long-term value." The operator has been positioned to benefit from changes in the country following the January 2026 US airstrike that resulted in the capture of then-President Nicolás Maduro, given its existing footprint in Venezuela and itsUS Office of Foreign Assets Control license, which has allowed the company to produce and export crude from existing assets since fourth-quarter 2022. The move comes days after the US government saida new agreement with Venezuelagrants the US majority control over roughly a fifth of the country's proved oil reserves, a deal analysts have warned could expose participating companies to risk if political conditions change. The agreement covers 17 fields concentrated in the Orinoco Belt and Lake Maracaibo regions and includes reserves that Venezuelan officials said total 65 billion bbl of proved oil. Chevron's joint ventures Petroindependencia and Petropiar operate extra-heavy oil projects in the Orinoco Oil Belt, while Petroboscan operates in western Venezuela's Zulia State. Mikaila Adams has 20 years of experience as an editor, most of which has been centered on the oil and gas industry. She enjoyed 12 years focused on the business/finance side of the industry as an editor for Oil & Gas Journal's sister publication, Oil & Gas Financial Journal (OGFJ). After OGFJceased publicationin 2017, she joined Oil & Gas Journal and was later named Managing Editor - News. Her role has expanded into content strategy. She holds a degree from Texas Tech University.

WASHINGTON (AP) — Oil giant Chevron is planning to expand its operations in Venezuela, a U.S. official said Tuesday, just days after President Donald Trump announced an ambitious deal to develop the nation's oil reserves and give the Pentagon a stake in the profits. The official, who briefed reporters on the expected announcement, said the company's officials and Energy Secretary Chris Wright are expected to visit Venezuela on Wednesday where the new investment will be formally unveiled. The official spoke on condition of anonymity under ground rules set by the White House for the call. Chevron is the second-largest U.S. oil company and the only one with a major presence in Venezuela. Chevron did not immediately respond to a request for comment. The announcement comes after the White House confirmed on Monday it is partnering with North American Blue Energy Partners (NABEP) as part of President Donald Trump's push to tap into Venezuela's oil industry. The sweeping agreement has been met with skepticism from analysts who say it will take years to revive Venezuela's production. They have questioned whether Venezuela's acting President Delcy Rodríguez has the legal authority to give the company 100-year rights over 17 oil fields with reserves of 65 billion barrels — and whether future Venezuelan or American administrations would overturn the agreement. US official says private operator was vetted ahead of deal NABEP, owned by Venezuelan businessman Alejandro Betancourt, is already the second largest operator in Venezuela. The deal with the U.S. government would create a new company, where the Pentagon would take a 35% ownership stake, and the State Department would have the right to buy 20% of the oil produced at cost. The U.S. administration sought to defend its decision to partner with Betancourt, who has faced criminal investigations for alleged money laundering in Spain and Switzerland, according to multiple media reports. No formal charges were ever filed. The official said that Betancourt was vetted and the administration found that "no U.S. laws were violated." At the same time, the official described Betancourt as the only viable partner available for the job, saying that "you have to work with the factors that you have in place." The U.S. government is not investing money in the new company, the official told reporters, but its backing will help the company attract investment to ramp up production. Analysts say that the deal seems certain to face legal challenges and potentially questions of legitimacy. The Trump administration negotiated the agreement with Rodriguez, who took power after the January military operation to capture Nicolás Maduro and spirit him to the United States to face federal narcoterrorism and drug trafficking charges. The Venezuelan Constitution states that contracts of this kind with foreign governments must also be approved by the National Assembly, which did not occur. But the official said that agreement is a partnership with North American Blue Energy Partners, a private entity which is headquartered in Barbados and has its primary regional office and operations in Caracas, Venezuela. Deal being pitched as a step toward stability, democracy for Venezuelans The Trump administration wants elections to happen as quickly as feasible, but is aiming to maintain stability as it helps Venezuela transition following decades of autocratic rule, the official said. The official argued that maintaining stability during such transitions "almost invariably requires you to work with elements of the existing structure, even as you are creating a new one." The Pentagon's role in the deal comes through its Office of Strategic Capital, which was created under former President Joe Biden to invest in technology needed for national security. A second U.S. official speaking on condition of anonymity described the Venezuela agreement as "a very standard deal" and said the office has made several similar ones since Trump returned to office. Trump says other companies are readying for business Trump has had his eyes on Venezuela's oil since Maduro's capture, and his aides call it a path away from reliance on oil from the Middle East. Trump has been pressing to get U.S. businesses to restore a presence in the country. President Hugo Chávez completed the nationalization of Venezuela's oil industry in 2007, leading major players like ExxonMobil and ConocoPhillips to leave Caracas. Talking to reporters at the White House on Monday, Trump suggested that other oil companies were readying for business in Venezuela. "We have Exxon going in, we have Chevron going in. We have our big oil companies going in," he said. ExxonMobil did not immediately respond to a request for comment. Trump in January said he was inclined to leave Exxon out of Venezuela after CEO Darren Woods called the country "uninvestable." Chevron has been the only major American oil company actively operating in Venezuela since the nationalization. Trump was scheduled to meet with a group of large and small oil refiners on Tuesday to discuss ways to increase America's capacity to refine oil into gasoline. The White House has said that increasing the number of refineries and expanding the capacity at existing facilities would eventually reduce prices for consumers. The administration also sees the need for more refineries to process oil from Venezuela.

In RDC, they analyzed Chevron's expansion in Venezuela and the new investments in the Orinoco In RDC, a feature by +Perfil, they analyzed Chevron's decision to expand its operations in Venezuela, where it received new lands in the Orinoco River belt. The oil company Chevron announced an expansion of its operations in Venezuela after receiving new lands in the Orinoco belt. The plan envisions an investment of US$7,000 million over five years and aims to double production, as explained by Norman Powell, U.S. correspondent, in RDC, by +Perfil. Chevron is one of the oil companies that kept operations in Venezuela during the governments of Hugo Chávez and Nicolás Maduro. In parallel, Powell analyzed the differences that arose at the G20 regarding the economic policies promoted by U.S. President Donald Trump. Chevron will expand its oil production in Venezuela Powell noted that Chevron is preparing a new expansion phase in Venezuela, after the Chávez government assigned new lands to develop oil operations. The areas are located in the Orinoco belt, a zone linked to the country’s oil activity. "The Chávez government has now assigned new lands to Chevron in the Orinoco belt," the correspondent explained. In these new spaces, the company projects a significant increase in its production. The objective set by the oil company is to double production within a process that would take approximately five years. To carry this out, Chevron plans to disburse US$7,000 million during that period. Chevron's presence in Venezuela During the segment, the particularity of Chevron's presence in Venezuela was highlighted, since the company kept its operations even during the periods of greatest tensions between the Venezuelan government and foreign companies. In response to the question about the impact that the expansion could have, Powell argued that the investment could generate economic activity and jobs in the country. "Undoubtedly, in some way the Venezuelan people will benefit, we hope," he stated. The correspondent added that the effect on employment would not be limited to Chevron's operations. He also mentioned the development of activities linked to the group that, according to the segment, are led by the U.S. Department of Defense and the U.S. State Department. The concern within the G20 about Trump's policies The second axis of the segment focused on the differences between the United States and other G20 countries regarding Donald Trump’s economic policies. Powell explained that during the meetings held in Asheville, North Carolina, U.S. Treasury Secretary Steven Mnuchin defended the performance of his country’s economy. "At each meeting, Mnuchin gave a presentation to extol the wonders of the American economy and urged countries to imitate it," Powell recalled. However, according to the correspondent, the positions of other group members were far from agreeing with Washington's view. The main differences were related to Trump administration trade policies, especially tariffs. Powell noted that there were European countries’ questions about the measures promoted by the United States. Differences over U.S. tariffs The correspondent described a sustained situation of discrepancy during the G20 meetings, though he clarified that the differences were expressed within a framework of institutional respect. "They disagreed with everything Trump is doing internationally regarding the economy, in the matter, for example, of the famous tariffs," Powell said. According to his analysis, the European position was especially critical of the U.S. economic policy. "There was virtually no support from the European group in particular," the correspondent stated as he described the scenario within the bloc. You may also be interested in - RDEco: why the record high of exports does not clear up doubts about the dollar's competitiveness - Growth and elections: in RDEco they analyzed what maneuver the Government has to modify its economic policy - Dollar and exports: in RDEco they analyzed how much exchange rate stability influences competitiveness - RDEco: José Castillo warned about the impact of opening and the decline in consumption on the Argentine industry - Industry and competitiveness: in RDEco they debated which sectors will survive open trade - Marcelo Elizondo in RDEco: "Argentina exaggerated protectionism for a long time" - Peter Thiel: in RDC they analyzed the controversy over exclusive access to the British Museum - RDC: in Ceuta they identify 32 Moroccan agents and report new irregularities in the migration crisis - RDC: new U.S. attacks on Iran left civilian and military casualties - In RDC they analyzed the police report that contradicts the Spanish Government's version of the Ceuta crisis

Minister Wright is set to lead a delegation this evening (Tuesday), I think, for meetings tomorrow (...) in Venezuela, where the American group Chevron "will announce an expansion of its operations," a U.S. official, who spoke to reporters on condition of anonymity, said. Several agreements are expected to be announced in the coming days with other companies to increase Venezuela’s oil production capacity, he added. The Venezuelan subsoil contains the largest crude oil reserves in the world (more than 300 billion barrels estimated), but its production remains very limited, at about 1.2 million barrels per day. At its historical peak, it reached more than 3 million barrels per day. Donald Trump announced on Friday that he had reached a oil deal with Venezuela, which would see the United States take a majority stake in more than 65 billion barrels of the country’s reserves. He says this is the “largest oil deal in world history” intended to double U.S. oil reserves. Interim Venezuelan President Delcy Rodríguez had to defend this “historic” agreement Saturday, assuring amid doubts that her country would retain sovereignty over the oil fields to be exploited by the United States. And, on Tuesday afternoon, the National Assembly of Venezuela — in which the government holds an absolute majority — expressed its support for this agreement in a voice vote, journalists from AFP observed in Caracas. “This is primarily about strengthening the United States’ national sovereignty,” the American official noted Tuesday, while also asserting that it was also about “placing Venezuela in a long-term position of success.” It is also, he acknowledged, a way to outpace the United States’ great rival powers. “This agreement is a geopolitical opportunity to protect oil deposits that largely fell under the influence of Chinese and Russian companies,” the American official explained. The deal with Venezuelan authorities provides for a 35% equity stake in North American Blue Energy Partners, the second-largest private oil company in Venezuela and owned by businessman Alejandro Betancourt, according to information provided by the White House. In exchange, this company will grant Washington the option to purchase at cost 20% of its production, which will then be processed in refineries in the United States specifically designed for this very low-sulfur, lower-quality crude oil. Since the American military raid that led in early January to the capture of former President Nicolas Maduro, Donald Trump has sought to relaunch the exploitation of Venezuelan oil and gas resources under his own supervision. The crude oil embargo against Venezuela, which came into effect in 2019, had been eased in 2023 with licenses to operate in the country. But Donald Trump had all of them revoked in the first half of 2025, before granting an exemption to Chevron. Chevron, the second-largest oil producer in the United States, has been present in Venezuela for more than a century. The group is preparing to make a “major announcement” on Wednesday, a source close to the negotiations told AFP on Tuesday. In January, the group’s average annual production in Venezuela reached 240,000 barrels per day. By July, it had risen to about 270,000 barrels per day. When contacted by AFP about the American official’s statements, Chevron chose not to comment. The Venezuela topic could be addressed during a Tuesday afternoon meeting at the White House with oil company executives, although the main theme will be the high price of hydrocarbons. President Trump is indeed looking to limit the rise in pump prices, a crucial issue for the midterm elections, which are not going well for his camp.

The American oil company Chevron announced agreements that will allow it to expand its operations in Venezuela with the aim of doubling its crude production over the next five years, amid a new scenario for the energy industry in the South American country. The company stated that it contemplates an investment of more than 7.0 billion US dollars for its projects on Venezuelan soil, with the goal of reaching production close to 600 thousand barrels per day. The plan includes expanding operations in the Orinoco Belt, one of the world’s regions with the largest crude reserves, in addition to new developments within joint ventures in which it participates alongside the state-owned Petróleos de Venezuela (PDVSA). The agreements come amid a warming of ties between Washington and Caracas. Chevron’s announcement occurs in a context of changes in the energy relationship between the United States and Venezuela, following new agreements aimed at boosting the country’s oil production. The company highlighted that the new covenants include improvements in tax, commercial, and legal conditions for its operations, elements that would enable progress in the recovery of Venezuelan oil activity. Chevron is one of the few large American oil companies that maintained a presence in Venezuela in recent years, even amid international sanctions that affected the country’s energy sector. Venezuela seeks to recover its oil production. Over the past decades, the Venezuelan oil industry has suffered a sharp decline in its productive capacity due to infrastructure problems, lack of investment, and international restrictions. Chevron’s announcement points to taking advantage of the country’s enormous crude reserves, although experts have warned that the sector’s recovery requires sustained investments and modernization of its facilities. The American company noted that the expansion will strengthen its presence in Venezuela and develop new projects in partnership with local actors. With this agreement, Chevron becomes one of the first major international companies to announce a significant expansion of its oil operations in the country, at a time when Caracas is seeking to once again increase its production and crude exports.

HOUSTON, Sept 2 (Reuters) - Chevron (CVX.N) will invest more than $7 billion through its Venezuela joint ventures to double oil production to about 600,000 barrels per day over the next five years in the South American country, the U.S. oil major said on Wednesday. Under new agreements, Chevron's Petroindependencia joint venture will expand to include two adjacent areas in the Carabobo region located in Venezuela's vast Orinoco Belt. Sign up here. "Chevron’s history in Venezuela spans more than a century, and our expanded position reflects our confidence in the country’s deep resource potential and its ability to compete for investment within our portfolio for decades,” Chevron CEO Mike Wirth said in a statement. The announcement comes just days after U.S. President Donald Trump unveiled an unprecedented deal involving a fifth of Venezuela's oil reserves, with the American government taking an equity stake in a private oil firm operating there. Chevron's expansion is separate from that endeavor, but it further cements Trump's efforts to expand output in Venezuela. Venezuela has the world's largest oil reserves, but its current output is only about 1.25 million bpd, down from the more than 3 million bpd it achieved two decades ago, following years of mismanagement and underinvestment by state-run oil firm PDVSA. Venezuela's total oil output is expected to reach 2 million bpd by the end of this decade, U.S. Energy Secretary Chris Wright said on Wednesday. Chevron said its new agreements also provide enhanced fiscal, commercial and legal terms to protect the long-term investments, adding that total production costs are expected to be less than $20 per barrel. The joint venture's infrastructure is in good shape and development in the new areas will build off existing facilities and pipeline infrastructure, Wirth said in a CNBC interview. Wirth and other Chevron executives met with interim Venezuelan President Delcy Rodriguez on Wednesday. It was Wirth's first visit to the country. "Our ability to grow at low cost is quite different than if we were going into a greenfield area that didn't have roads, that didn't have water, that didn't have power," he said on CNBC. Besides Chevron, oil producer ENI (ENI.MI), investor KEO Capital (KEOC.ST) and energy firm Primavera, a firm co-founded by billionaire Fred Ehrsam to invest in Venezuela, are among the companies set to sign energy agreements in Venezuela as soon as Wednesday, two sources close to the preparations said. Most pacts imply project expansions that have been in negotiation as part of the migration of dozens of energy contracts to new terms under a sweeping oil reform approved in January. Wright, who arrived in Caracas late on Tuesday, and Venezuela's oil minister, Paula Henao, are expected to oversee the signing of the contracts, officials have said. U.S. PUSHES ENERGY INVESTMENT Following the U.S. capture and removal of former Venezuelan President Nicolas Maduro from office in January, Trump pushed a $100 billion reconstruction plan for Venezuela's energy sector, urging U.S. oil companies to invest in the country. While Chevron's Venezuela operations have continued uninterrupted for at least 100 years, fellow oil producers ExxonMobil (XOM.N) and ConocoPhillips (COP.N) exited the country in 2007 when their assets were nationalized under the previous government of President Hugo Chavez, and have remained on the sidelines. Chevron has operated in Venezuela since 1923 and has three joint ventures in the country. Petroindependencia and Petropiar operate in the Orinoco Belt, while Petroboscan operates in western Zulia state. Even as Chevron is expanding its already firm foothold in the country, the U.S. stake in oil firm North American Blue Energy Partners' plan to develop 17 oilfields holding about 64 billion barrels of crude reserves would create a new behemoth, said Oswaldo Felizzola, coordinator of the energy center at the Superior Administrative Studies Institute in Venezuela. "We must understand that the rules of the game are changing—a massive U.S. oil company is set to emerge from the NABEP deal," he said. Reporting by Sheila Dang and Marianna Parraga in Houston and Arunima Kumar and Vallari Srivastava in Bengaluru; Editing by Nathan Crooks, Philippa Fletcher, Nick Zieminski and Chris Reese Our Standards: The Thomson Reuters Trust Principles.

Chevron to expand Venezuela oil operations with US$7 billion plan The US energy giant aims to double production, even as analysts warn that the nation’s decrepit infrastructure would take years to fix Oil giant Chevron confirmed that it would expand operations in Venezuela after US President Donald Trump announced an ambitious deal to develop the nation’s oil reserves and give the Pentagon a stake in the profits. Chevron, the only US oil company with a major presence in Venezuela, said on Wednesday that it had been assigned additional acreage in the Orinoco Belt, where it has active operations. The company plans to invest more than US$7 billion over the next five years, with the goal of more than doubling its current production to about 600,000 barrels a day. “Chevron’s history in Venezuela spans more than a century, and our expanded position reflects our confidence in the country’s deep resource potential,” CEO Mike Wirth said in a prepared statement. Venezuela holds the world’s largest proven reserves, totalling more than 303 billion barrels of crude oil, according to Opec’s 2025 Annual Statistical Bulletin. Saudi Arabia is a distant second with 267 billion barrels. Yet because Venezuela’s energy infrastructure is severely degraded and the nation is operating under international sanctions, its daily production is just over 1 million barrels, compared with the 10 million to 11 million barrels that Saudi Arabia produces each day. The US produces almost 14 million barrels per day.

Adobe Stock image Oil giant Chevron confirmed that it will expand its operations in Venezuela, just days after President Donald Trump announced an ambitious deal to develop the nation’s oil reserves and give the Pentagon a stake in the profits. Canadian Prime Minister Mark Carney told the Trump administration Tuesday to “stop doing memes, stop throwing shade and stop trying to be tough,” as he pushed back against a fresh wave of taunts from Washington. Carney said U.S.-Canada trade talks could resume if Washington becomes serious about negotiations. And a record percentage of Americans — about 9 in 10 — believe there’s widespread corruption in the U.S. government, according to a new Gallup poll released Wednesday. That’s up 10 percentage points from last year. 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Trump’s keynote address, which had previously been announced for Thursday, will now happen Wednesday night, according to Rick Gorka, a convention spokesperson. Trump will also then speak Thursday night after Vice President JD Vance’s address to close out the Dallas gathering, he said. The two-day event, which has been dubbed “Trump-a-Palooza” by the Republican National Committee chairman, is being held to try to bolster Republican enthusiasm ahead of this fall’s midterm elections, which will determine which party controls Congress during Trump’s last two years in office. Trump administration backs OpenAI in New York Times’ copyright case over training of chatbots The Trump administration is wading into a legal fight between OpenAI and the New York Times, backing the ChatGPT-maker’s argument in a closely watched case over how it builds its AI technology by ingesting and processing millions of news articles. In court papers filed Tuesday, the Justice Department supported OpenAI’s argument that training its AI models on troves of writings found on the internet is protected by the “fair use” doctrine of copyright law. The Justice Department argued that “the creative possibilities and public benefits” of training large language models on such content “far outweigh any competitive harm.” The New York Times said Wednesday that the administration is siding with AI companies at the expense of the American creators “whose work they stole.” Trump says he wants to meet with Putin, but when the ‘war is ending’ “I want to do it when we’re ready to do a peace deal,” Trump told reporters of a meeting with Putin. “We want to have good relations with Russia, Ukraine, with everybody. Be great for business.” Trump said he could get a meeting “immediately,” but that he’d rather meet when the war is close to ending. Trump, having visited with Jon Voight, wants to protect the Hollywood film industry Trump told reporters that the award-winning actor Voight, known for “Deliverance” and “Coming Home,” visited the president and urged him to help the film industry, which is increasingly traveling to other countries to save on production costs. “Many countries give tremendous incentives to take our film industry,” Trump said, adding that he’s going to “offer the tax credits that other countries are offering.” The proposed legislation would be called the Motion Picture, Television and Entertainment Revitalization Act, the president said, adding that it has union and bipartisan support. “Hollywood is dead, and they wanted to be revived,” he said. “I’d like to get it done.” Trump won’t commit to sending Iranian opposition arms after calling on people to rise up The president on Tuesday night, after the latest round of back-and-forth strikes with Iran, posted on social media, “When are the Iranian people going to rise up and fight?” Asked on Wednesday if he was ready to send Iran’s opposition arms to try to take out the Iranian theocracy, Trump demurred. “I’d love to tell you that, but it wouldn’t be appropriate to say,” Trump said. “But I mean, I understand their plight. They’re being shot.” North Carolina Sen. Thom Tillis calls on Trump to replace Defense Secretary Pete Hegseth Tillis, a Republican, wrote in a post on X Wednesday that Hegseth is “creating a leadership void at the top of our military ranks.” The post comes after the resignation of Army Secretary Dan Driscoll, who Tillis said was “the right man at the right moment.” Several other generals and high-ranking officials have resigned or been ousted in recent months. Tillis urged Trump to find a new leader at the Pentagon who will “retain and empower our military talent.” “I have never witnessed more inept management of the brave men and women who serve our country,” Tillis said of Hegseth. “He is intimidated by competence and retreats to ginning up culture wars instead of soberly attending to the vital work of our national defense and the health and well-being of our fighting force.” The North Carolina senator was the final deciding vote on Hegseth’s confirmation in January 2025 after expressing concerns about his leadership potential. Trump says he’ll campaign for Alaska’s GOP Sen. Dan Sullivan, who’s facing another Dan Sullivan By JESSE BEDAYN “We have a very good senator named Dan Sullivan,” said Trump, referring to the incumbent Republican lawmaker, who is now in a general election against Democratic candidate Mary Peltola and another man named Dan Sullivan. The mirror names have caused quite a kerfuffle, with accusations that the latter Sullivan was in the race merely to confuse voters. “They have a phony Dan Sullivan,” said Trump, speaking with reporters, before he criticized Alaska’s ranked-choice voting system that picks the top four finishers to move on to a general election. “It’s a long trip, I love Alaska,” said Trump, “I will go to Alaska to help Dan Sullivan get elected.” Trump says Venezuela is ‘not ready’ for elections Asked about the possibility of Venezuela holding elections now that it has been nearly eight months since the U.S. toppled that country’s president, Trump replied, “I just don’t think they’re ready yet.” “We took them out of a dictatorship, and we’re getting along great with the government,” Trump said. He added of elections, “We want that. And they want that.” A U.S. raid in early January deposed Venezuelan President Nicolas Maduro. His replacement, Delcy Rodriguez, recently signed a deal allowing U.S. interests to tap the country’s vast oil reserves. Trump said Rodriguez also backs eventually holding elections in Venezuela but insisted, “They’re not ready yet.” Trump says he’s relieved after Tiger Woods’ no-contest plea Tiger Woods pleaded no contest to a reckless driving charge, with his driver’s license suspended for five years on Wednesday following a March rollover crash in Florida, where he initially was accused of driving under the influence. Body camera footage that was taken shortly after the crash shows Woods, who is a longtime friend of Trump, taking out his phone after the crash and telling a deputy, “I was just talking to the president.” Trump, in an exchange with reporters, said he thought the resolution of the case was fair. “I told him that a long time, ‘Why don’t you get somebody to drive you?’ So, he’s going to have somebody drive him from now on,” Trump said. “And, you know, he’s just a very special guy. I’m glad that was resolved.” Trump says Iran war won’t be affected by the election because ‘I’m not running’ The president insisted he doesn’t think the Iran war will last “much longer.” But, he added, “It doesn’t matter. And I’m not affected by the election.” “I’m not running. But my party is running and I’m going to help my party,” Trump said. “But I think my party respects the fact that we’re not allowing Iran to have a nuclear weapon.” The president has repeatedly shrugged off suggestions that political pressure is mounting on him to end the war with the midterm elections now looming. But Trump’s comments contrast with his previous comments. Trump said during a rally for Sen. Darline Graham, where she ultimately won her runoff race, “Pretend, please, that I’m on the ballot.” Trump says he’s ‘happy’ that Prince Harry and wife Meghan will depart the US for the UK “I was not a fan,” said Trump, speaking to reporters. Trump said he had good relationships with Queen Elizabeth II and King Charles III, and he thought the couple “treated the royal family with great disrespect; I didn’t like it.” The Duke and Duchess of Sussex announced earlier this month they were bound back across the pond for an extended stay, but that they wouldn’t resume their working roles as members of the royal family. Musing on it, Trump finished, “If I were the Royal Family, I would not have taken them back.” Trump says White House helipad is ‘essentially’ finished “We just completed it, essentially, today, one of the most beautiful heliports you’ve ever seen,” the president said. “It’s something very special,” he added. “And we built it a little ahead of schedule. And it came out even more beautiful than I thought.” Trump has suggested that crews were hustling to finish the helipad on the South Lawn ahead of a White House visit by Chinese President Xi Jinping later this month. Trump said of Xi, “love to have him” coming. Sean Duffy said he’ll ask for more money for air traffic control Standing aside a seated Trump, the transportation secretary said that while Congress allocated the agency $12.5 billion for air traffic control, “we need additional money for software.” Air traffic control has come under increased scrutiny after an American Airlines passenger jet fatally collided with an Army helicopter last year. Earlier this month, an airline jet was cleared to take off as the president’s Marine One took off. Duffy said there will be an announcement about the request for additional funds in the next 30 days, but he didn’t specify how much he’d be asking for. Trump meets with travel industry leaders at White House The president welcomed top leaders in the industry to “celebrate record-setting summer travel in the USA,” sitting flanked by representatives from American Airlines, Hilton, and Caesars Entertainment, among others, as well as Transportation Secretary Sean Duffy. Trump touted travel boosts from the FIFA World Cup, as well as celebrations for America’s 250th birthday, before turning toward the 2028 Olympics in Los Angeles. “This is the summer that showed the world America is back,” Trump said, and now, “we want to make this the best Olympics of them all.” Rubio says massive oil deal doesn’t affect US commitment to restoring democracy in Venezuela The secretary of state is pushing back against criticism that a massive oil deal with Venezuela has weakened the Trump administration’s commitment to restoring democracy there. In an interview aired Wednesday, Rubio said the administration’s goals remain to stabilize the country, assist with its economic and social recovery and then support a democratic transition through free and fair elections. “All of that remains a priority of this administration, and it’s something we’re working towards,” he told Fox News host Brian Kilmeade in an interview recorded Tuesday. But Rubio said those would take time, noting that it has been only nine months since former President Nicolas Maduro was toppled in a U.S. military operation. He said Eastern European nations took four to five years to transition to democracy after the collapse of the Soviet Union. “We can do it much faster here,” he said. “We’re pushing very hard on it. DC mayor says city could benefit from ‘world-class golf’ As Trump eyes changes to the golf course at East Potomac Park to draw prestige golf events, Muriel Bowser said the city could “stand to attract world-class golf.” But she also said it’s important that the public still be able to enjoy the park, a scenic space on the Washington waterfront popular for running, biking, fishing and picnicking. “The question is, for us, we still need public access,” she told reporters after an event focused on using sports to draw visitors to the nation’s capital. “People need to be able to access the park and Hains Point and get around, drive around, ride around the park.” At 250, the United States still faces a military-civilian divide In a nation that celebrates its military history, the responsibilities and burdens of military life fall more heavily on some families and communities than others. Most American adults either don’t serve or aren’t very connected to the people who do and their families. These days, the military includes about 2 million people on active duty or in the National Guard and reserves, a tiny portion of the roughly 230 million adult citizens and legal permanent residents in the country. The public doesn’t always pay attention unless there’s a crisis, like the concerns over mental health for USS Abraham Lincoln sailors who had been on an expanded deployment as part of the U.S. war against Iran. There’s a military-civilian divide, a gap in understanding and connection that shapes public policy, the realities of everyday military life and the views and stereotypes each side holds about the other. Pro-Trump group launches Trump-focused ads ahead of midterms Securing American Greatness is running new ads touting the president’s record ahead of the November elections. One celebrates the passage of policies like “No tax on tips,” Social Security and overtime, and credits Trump with lowering the prices of eggs and prescription drugs, even though overall consumer prices have continued to rise and remain a top concern for voters. “He’s fighting for you every day. Help him finish the job,” the narrator says. The second features footage of Trump at an Ultimate Fighting Championship fight night and the group’s president calling him “the toughest, most resilient person that I’ve ever met.” The group has booked nearly $1 million in ads so far, according to AdImpact, which tracks ad reservations. The nonprofit previously spent big supporting Trump in the 2024 and also helped promote Republicans’ “Big Beautiful Bill.” Energy secretary Wright says US ‘not taking any oil ’ from Venezuela On a visit to Caracas, Wright said the US. is “not taking any oil here” in its deal to develop Venezuela’s oil reserves and give the Pentagon a stake in the profits. “This is a deal between a commercial enterprise that’s operating in Venezuela today,” Wright told Bloomberg TV Wednesday.

The transcription is generated using artificial intelligence and may contain errors or inaccuracies. In case of a discrepancy, the audio prevails. Rainy more than usual. So far, the risk of contracting this disease is considered moderate. I tell you that the Chevron company announced that it will expand its operations in Venezuela with the goal of producing up to 600,000 barrels of oil per day. This announcement coincides with the visit to Caracas by the United States Secretary of Energy, Chris Rock, who arrived to sign several agreements with the interim governor Jessica Rodríguez. In all this, Secretary of State Marco Rubio defends the agreement and the controversial election part of this business. Our colleague Jennifer Santana is in the newsroom and has more details for us. Good morning. Welcome. Good morning, Carolina. The Secretary of Energy has said on this visit to Venezuela that the Trump administration wants there to be a lot of investment from his country in Venezuela so that this translates into greater opportunities for both countries. The American company, as you rightly say, Chevron, will expand its operations. In Venezuela the goal is to produce 600,000 barrels per day of oil with an investment of $7 billion in the next five years. The Secretary of State spoke about this controversial oil agreement in an interview granted yesterday to the Venezuelan journalist Sergio Novelli, defended this agreement and said that it is not a business with the interim government of Delcy Rodríguez. He said the agreement is a path to the reconstruction of Venezuela and directly linked oil to the democratic transition in that country. Let’s listen to him. He is also an individual who is already known, who supported a lot, for example, during the era of Juan Guaidó, before taking on this role, in the first term of President Trump in 2019, this was an individual who ended up in a very bad place with Maduro, because it was known that he was supporting elements of the opposition in that 2019 period, which even created problems with Maduro. But now we have the opportunity to do something that I think will benefit everyone, but specifically in the long term will benefit the Venezuelan people. And this is only a part of that. There are still huge Venezuela oil reserves. Rubio also referred to the issue of elections and the democratic reconstruction in the country. He described the government of Delcy Rodríguez as an interim government and that he and the Trump administration want free elections in Venezuela soon. But for that, preparatory work is needed, such as…

By Timothy Gardner and Vivian Sequera CARACAS, Sept 2 (Reuters) – Several international energy firms, including Eni, GE Vernova and Chevron committed on Wednesday to project expansions to boost oil output in Venezuela, in a signing ceremony in Caracas overseen by interim President Delcy Rodriguez and U.S. Energy Secretary Chris Wright. The deals are separate from a Caracas-Washington deal recently unveiled that gives the U.S. access to 17 oilfields. Most of the pacts announced on Wednesday relate to project expansions that have been in negotiation with Venezuela’s Oil Ministry and state oil company PDVSA as part of the migration of dozens of energy contracts to new terms under a sweeping oil reform approved in January. Still, the signings represent the latest effort by private companies with a longstanding presence in Venezuela to help the country revive its struggling oil industry, which produces about 1.25 million barrels per day, far short of its 3 million bpd peak in the late 1990s. Most oil majors have eschewed major investment in the country for years, retreating after a 2007 nationalization. The industry has also faltered due to lack of investment, mismanagement and sanctions imposed by the U.S., which is now spearheading a $100 billion investment plan that officials say will double Venezuela’s output in the coming years. “We are trying to work at what I call Trump-speed. President (Donald) Trump didn’t want a nudge or a slow drift in a positive direction. He wanted to see as fast as possible transformation in Venezuela,” Wright said. GE Vernova signed a power sector alliance, which Rodriguez singled out due to Venezuela’s electricity deficit that has left households without power for hours and hobbled industries. Venezuelan businessman Alejandro Betancourt was not seen at the ceremony, days after his company NABEP signed the separate deal with Washington to gain access to a fifth of Venezuela’s oil reserves. Wright and Rodriguez defended the choice of the NABEP partnership to reporters on Wednesday. “NABEP is the second-largest producer (in the country), it is a company with scale, technology, a proven track record and is Venezuelan,” Wright said, adding that the U.S. will have strict control over the flow of funds. BULKY INVESTMENTS Eni, which shares an offshore gas project with Repsol and a shallow water oil project with PDVSA, will expand to the large Junin 5 heavy oil area in the Orinoco Belt, where it plans to invest $1.5 billion, industry sources said. As part of its deal, Eni’s current joint venture with PDVSA will transition into a 25-year production-sharing contract, the company said in a release. “What we need is not just signing papers, we need barrels,” Eni CEO Claudio Descalzi said during the event. Junin 5 produces approximately 12,000 bpd, Eni said in the release. The oil production target from all its oil projects is 400,000 bpd by the end of this decade. Other pacts include an oilfield development agreement with energy firm Primavera and an exploration agreement with Denver-based oil services company Aspect Holdings. Aspect will develop several fields over the coming years in Venezuela, Chairman Alex Cranberg said during the signing ceremony. Chevron plans to invest more than $7 billion to double its output in the country to about 600,000 bpd over the next five years, part of its strategy of expanding joint ventures with PDVSA. Chevron CEO Mike Wirth and Descalzi traveled to Venezuela for the signing. It was Wirth’s first visit to the South American country, where Chevron has maintained a consistent presence even after other oil majors left following the seizure of assets under former President Hugo Chavez. The U.S. and Venezuela are also working to lift sanctions on Venezuela, Rodriguez said during the press conference. (Reporting by Vivian Sequera, Deisy Buitrago, Marianna Parraga, Tim Gardner, Sheila Dang, Francesca Landini and Julia Symmes Cobb; Editing by Aida Pelaez, David Gaffen, Nathan Crooks, Rod Nickel)

Chevron will invest more than $7 billion through its joint ventures in Venezuela to double its oil production and reach about 600,000 barrels per day (bpd) over the next five years in this South American country, the American major said on Wednesday. Under the new agreements, Chevron’s Petroindependencia joint venture will be expanded to include two adjacent blocks in the Carabobo region, located in the vast Orinoco belt of Venezuela. “Chevron’s history in Venezuela spans more than a century, and strengthening our position reflects our confidence in the country’s significant resource potential and its ability to attract investments within our portfolio for the decades to come,” said Chevron CEO Mike Wirth in a release. This announcement comes just days after U.S. President Donald Trump unveiled an unprecedented deal involving a fifth of Venezuela’s oil reserves, with the U.S. government taking a stake in a privately operated oil company there. Chevron’s expansion is separate from this initiative, but it reinforces Trump’s efforts to boost production in Venezuela. Venezuela possesses the world’s largest oil reserves, but its current production is only about 1.25 million bpd, down from more than 3 million bpd two decades ago, after years of mismanagement and underinvestment by the state oil company Petróleos de Venezuela SA (PDVSA). Venezuela’s total oil production is expected to reach 2 million bpd by the end of this decade, American Energy Secretary Chris Wright said on Wednesday. Chevron noted that its new agreements also include improved tax, commercial, and legal terms to protect long-term investments, adding that total production costs should be under $20 per barrel. The joint venture’s infrastructure is in good shape, and development of the new zones will rely on existing facilities and the pipeline network, Wirth said in a CNBC interview. Wirth and other Chevron executives met on Wednesday with interim Venezuelan President Delcy Rodriguez. It was Wirth’s first visit to the country. “Our ability to grow at low cost is very different from what it would be if we had to set up in a virgin area without roads, water, or electricity,” he told CNBC. In addition to Chevron, energy producer ENI, investor KEO Capital, and Primavera, the energy company co-founded by billionaire Fred Ehrsam to invest in Venezuela, are among the companies expected to sign energy agreements in Venezuela as soon as Wednesday, according to two sources close to the preparations. Most of the pacts involve project extensions that were negotiated as part of migrating dozens of energy contracts to new terms following a broad oil reform approved in January. Wright, who arrived in Caracas late Tuesday, and Venezuela’s Minister of Petroleum Paula Henao are expected to oversee the signing of the contracts, officials said. U.S. PUSHES ENERGY INVESTMENT After the capture and removal of former Venezuelan President Nicolas Maduro in January by the United States, Trump promoted a $100 billion reconstruction plan for Venezuela’s energy sector, urging U.S. oil companies to invest in the country. While Chevron’s operations in Venezuela have continued uninterrupted for at least a century, its peers ExxonMobil and ConocoPhillips left the country in 2007 when their assets were nationalized under the previous government of President Hugo Chavez, and have remained largely on the sidelines since. Chevron has operated in Venezuela since 1923 and holds three joint ventures there. Petroindependencia and Petropiar operate in the Orinoco belt, while Petroboscan operates in Zulia state in the country’s west. Even as Chevron strengthens its already strong foothold in the country, American participation in the North American Blue Energy Partners (NABEP) project to develop 17 oil fields holding about 64 billion barrels of crude reserves would create a new giant, said Oswaldo Felizzola, energy center coordinator at the Instituto de Estudios Superiores de Administración (IESA) in Venezuela. “We must understand that the rules of the game are changing: a massive American oil company is about to emerge from the NABEP deal,” he concluded.