Chevron said Wednesday that it has been assigned additional acreage in Venezuela's Orinoco Belt, where the country has been operating for years, and it will expand its operations in the country. 

The announcement comes just days after President Donald Trump announced a deal to develop the nation's oil reserves and give the Pentagon a stake in the profits, the Associated Press reported. 

Chevron is the only U.S. oil company with a major presence in Venezuela, and it's planning to invest more than $7 billion over the next five years, which will double production to approximately 600,000 barrels per day compared with 2026, the company said. 

Mike Wirth, Chevron CEO, said in a statement that the improved terms and additional acreage will allow the company to strengthen its portfolio, and the company can deliver low-cost oil growth. 

“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,” Wirth said.

Venezuela holds the world’s largest proven reserves, with more than 303 billion barrels of crude oil, according to OPEC’s 2025 Annual Statistical Bulletin.