Chevron Ramps Up Venezuela Operations With $7 Billion Investment (Connecting the Dots: Venezuela, The Chevron Corp., The Exxon Mobil Corp. & Carnegie/Soros Network)
The oil
giant plans to more than double its output in the country as the Trump
administration opens Venezuela’s vast reserves for more exploration.
The
Epoch Times
Tom
Ozimek
Reporter
9/2/2026|Updated:
9/2/2026
Chevron announced on Sept. 2 that its
Venezuelan joint ventures plan to invest more than $7 billion over the next
five years, part of an expansion expected to more than double the company’s
production in the country.
Under new agreements with Venezuela, Chevron
will receive improved investment terms and access to additional oil fields in
the Orinoco Belt, a vast region of central Venezuela containing some of the
world’s largest deposits of extra-heavy crude oil.
The U.S. oil giant said the agreements would
allow it to develop the projects at a cost of less than $20 per barrel.
“Chevron’s history in Venezuela spans more
than a century, and our expanded position reflects our confidence in the
country’s deep resource potential,” Chevron Chairman and CEO Mike Wirth said in
a statement.
New Oil Fields
Chevron operates in Venezuela through three
partnerships with affiliates of the state-owned oil company Petróleos de
Venezuela, commonly known as PDVSA.
One of those partnerships,
Petroindependencia, has received the right to develop three additional areas in
the Orinoco Belt. Chevron owns 49 percent of the venture, with the Venezuelan
state retaining majority control.
The new fields are close to Chevron’s
existing operations, making it easier to expand production using nearby
facilities and infrastructure.
“The greenfield sites expand the joint
venture’s existing operational footprint where it is increasing extra-heavy oil
production,” Chevron said in a statement.
The company also operates through the
Petropiar partnership in the Orinoco Belt and Petroboscan in western Venezuela.
Production from the three ventures has increased by 15 percent so far this
year, according to Chevron.
“We appreciate the leadership of the
Administration, particularly the U.S. Department of Energy, and Secretary
[Chris] Wright’s partnership in helping facilitate the conditions for further
investment and growth,” said Wirth, adding that the new projects would bolster
America’s energy security.
Push to Lower Oil Prices
Chevron’s announcement came one day after
Wright said during a visit to Caracas that
several agreements with foreign oil companies would more than double
Venezuela’s total production over the next several years.
“The investment in these deals will massively
grow oil production, which will give downward pressure on oil prices,” Wright
told reporters.
Wright said the Trump administration is also
working to increase refining capacity, which he identified as a major factor
keeping U.S. gasoline and diesel prices elevated during the conflict with Iran.
President Donald Trump said on Sept. 1 that Chevron, Exxon
Mobil, and other major oil companies were preparing to invest
in Venezuela.
“We have Exxon going in, we have Chevron
going in, we have our big oil companies going in, and everybody’s bidding,”
Trump told reporters in the Oval Office.
The White House on Aug. 31 also announced a
broader agreement that it said would give the United States access to roughly
65 billion barrels of Venezuelan oil.
Under that deal, Venezuela’s interim
authorities granted North American Blue Energy Partners 100-year rights to
operate 17 oil fields. The U.S. government received a stake in the company’s
parent and the right to buy some of the oil at production cost.
Venezuela has an estimated 303 billion
barrels of proven oil reserves, more than any other country. Despite that
enormous resource base, its output declined for years because of
underinvestment, deteriorating infrastructure, and mismanagement under the regime
of former Venezuelan leader Nicolás Maduro.
Earlier this year, the Trump administration issued a general license allowing specified oil and gas
transactions with Venezuela after Maduro was captured in a Jan. 3 U.S. military
raid and brought to the United States to face criminal charges.
Connecting
the Dots:
Moises Naim was
a minister of trade and industry for Venezuela, a board member for
the International Crisis Group, is a member of the Bretton
Woods Committee, a global board member for the Soros Open
Society Foundations and a fellow at the Carnegie Endowment for
International Peace (think tank).
George Soros is a board member for the International
Crisis Group, a member of the Bretton Woods Committee, the
founder & chairman for the Open Society Foundations and was the
chairman for the Foundation to Promote Open Society.
Open Society Foundations was a funder for the Carnegie
Endowment for International Peace (think tank).
Foundation to Promote Open Society was a funder for the Carnegie
Endowment for International Peace (think tank).
William W. George is
a trustee at the Carnegie Endowment for International Peace (think
tank) and a director at the Exxon Mobil Corp.
Exxon Mobil
Corp. was a funder for the Carnegie Endowment for
International Peace (think tank).
Andrew Carnegie was
the founder of the Carnegie Endowment for International Peace (think
tank) and the founder of the Carnegie Corporation of New York.
Carnegie
Corporation of New York was a funder for the Carnegie
Endowment for International Peace (think tank), the Nuclear Threat
Initiative (think tank) and a supporter for the American
Society for Muslim Advancement.
James F. Collins is
a senior associate at the Carnegie Endowment for International Peace
(think tank) and was a senior advisor for Akin, Gump, Strauss,
Hauer & Feld, LLP.
Carnegie
Endowment for International Peace (think tank) was a
funder for the Nuclear Threat Initiative (think tank).
Sam Nunn is co-chairman
& CEO for the Nuclear Threat Initiative (think tank) and was a
director at the Chevron Corp.
Chevron USA, Inc. is
a subsidiary of the Chevron Corp.
Akin,
Gump, Strauss, Hauer & Feld, LLP is the lobby firm for Chevron
USA, Inc.
Vernon E. Jordan
Jr. is a senior counsel for Akin, Gump, Strauss, Hauer &
Feld, LLP and an honorary trustee at the Brookings Institution
(think tank).
Carnegie
Corporation of New York was a funder for the Brookings
Institution (think tank), the Carnegie Endowment for International Peace
(think tank) and a supporter for the American Society for Muslim
Advancement.
Andrew Carnegie was
the founder of the Carnegie Corporation of New York and the founder
of the Carnegie Endowment for International Peace (think tank).
Foundation to Promote Open Society was a funder for the Brookings
Institution (think tank) and the Carnegie Endowment for International
Peace (think tank).
George Soros was the chairman for the Foundation to Promote
Open Society, is a member of the Bretton Woods Committee, a
board member for the International Crisis Group, and the
founder & chairman for the Open Society Foundations.
Open Society Foundations was a funder for the Carnegie
Endowment for International Peace (think tank).
Moises Naim is a
fellow at the Carnegie Endowment for International Peace (think tank),
a global board member for the Soros Open Society Foundations, a
member of the Bretton Woods Committee, was a board member for the International
Crisis Group and a minister of trade and industry for Venezuela.
Resources:
past Research
Chevron
Donating to Inaugural Committee, Spokesperson Says (Connecting the Dots:
Amazon, Breakthrough Energy Coalition, Facebook (Meta), Goldman Sachs, The
Chevron Corp. & Soros Funding, All Networking) (Past
Research on Chevron)
Thursday,
January 9, 2025
https://thesteadydrip.blogspot.com/2025/01/chevron-donating-to-inaugural-committee.html
Venezuela,
Colombia Border Areas Hopeful as Reopening Looms (Connecting the Dots:
Venezuela, Colombia & Soros Funded Think Tanks) (Past
Research on Venezuela)
Monday,
August 22, 2022
https://thesteadydrip.blogspot.com/2022/08/venezuela-colombia-border-areas-hopeful.html
Harvard
to Pay $53 Million to Families of Donors Whose Body Parts Were Sold Off
(Connecting the Dots: George Q. Daley, The Harvard Medical School, The American
Association for the Advancement of Science, The National Academy of Sciences,
The National Academy of Medicine, The University of California at San Diego,
The New York Stem Cell Foundation, Planned Parenthood, FDA, CDC, Time magazine,
The Brookings Institution (think tank) & The Carnegie/Soros Network) (Past Research on the Carnegie Corporation of New York)
Tuesday,
September 1, 2026
https://thesteadydrip.blogspot.com/2026/09/harvard-to-pay-53-million-to-families.html
Exxon
Mobil Files Defamation Lawsuit Against California Attorney General,
Environmental Groups (Connecting the Dots: Exxon Mobil Corp, The Sierra Club,
Brazil & Soros Funding, All Networking) (Past
Research on Exxon Mobil Corp)
Wednesday,
January 8, 2025
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