Chevron plans to invest $7bn to more than double its oil production in Venezuela over the next five years, marking the first major commitment from a US oil company since the Trump administration removed former leader Nicolás Maduro. The White House has encouraged international firms to invest in Venezuela to increase US-controlled oil supply. Energy Secretary Chris Wright is visiting Caracas this week to announce commitments and attract further investment.

Chevron agreed new terms with state oil company PDVSA, with joint ventures boosting output to 600,000 barrels a day. The Houston-based firm secured rights to develop two new oilfields in the Carabobo region within the Orinoco belt. Chief Executive Mike Wirth said the expansion reflects confidence in the country's resource potential, calling Venezuela a competitive portfolio component for decades.

Chevron estimates Venezuelan crude costs under $20 per barrel to extract. The new acreage sits adjacent to existing joint venture holdings. Chevron maintained operations in Venezuela despite sanctions, viewed by Washington as a counter to Russia and China's growing influence.

Meanwhile, Exxon Mobil and ConocoPhillips have been reluctant to enter the market after losing assets to state expropriations. Eni and Repsol continued operating under sanctions. Eni aims to raise output from 12,000 to 200,000 barrels daily.

Alejandro Betancourt, who owns the second-largest private Venezuelan oil company, is the US partner controlling about one-fifth of the nation's reserves, seeking $100bn in investment across 17 oilfields. The Chevron deal is separate from those efforts. Chevron's current production stands at 280,000 barrels a day, up from 50,000 years ago, according to RBC Capital analysts after meeting CFO Eimear Bonner, who stressed the need for fiscal protections like international arbitration rights for further investment.