Venezuela's interim president, Delcy Rodriguez, greets U.S. Assistant Secretary of Energy Kyle Haustveit during a signing of an agreement ceremony between Chevron Venezuela and the national government at the Miraflores Palace in Caracas on April 13, 2026. Chevron announced Wednesday a plan to further expand operations in the country.

Chevron said Wednesday it will expand its operations in Venezuela, following the Trump administration's move for a Pentagon-backed plan to develop the country's oil reserves.

Chevron $(CVX)$ said it has been assigned additional acreage in the Orinoco Belt, where it already has an established position. Chevron said the enhancements underpin its joint-venture plan to invest over $7 billion over the next five years, which will more than double production to 600,000 barrels a day.

Chevron said its existing ventures to date have grown production by 15% this year.

The Chevron plan is in addition to the Trump administration's attempt to take a majority stake in a Venezuelan venture and then refill the U.S. Strategic Petroleum Reserve with its output. That plan has been greeted skeptically by analysts, who wonder about everything from its legality to which American oil companies will participate.

Total Venezuelan output was 1.12 million barrels a day in July, according to the International Energy Agency, up from just under 1 million at the start of the year.

On Jan. 3, the United States captured Nicolás Maduro, who was leading the country at the time.

Chevron's stock (CVX), up 38% this year, rose 1% in premarket trade.

Crude-oil prices (CL00) surpassed $90 per barrel.

-Steve Goldstein