By Micah Jonah
January 10, 2026
Chevron has identified a pathway to increase its oil production in Venezuela by as much as 50 percent over the next 18 to 24 months, according to comments by US Energy Secretary, Chris Wright – following high-level talks between President Donald Trump and global oil executive.
Wright said the expansion would depend largely on regulatory clearances, policy approvals from Washington, rather than new capital commitments, describing the required steps as mainly “permissions” and authorizations that could unlock higher output.
The remarks followed a White House meeting where Trump hosted executive from some of the world’s largest oil companies to discuss Venezuela’s energy sector. Wright described industry interest in the country as “tremendous,” though he stopped short of confirming whether any binding commitments were made.
US officials have portrayed recent engagement with Venezuela as positive, coming after US forces seized former president Nicolás Maduro in a military operation last weekend.
Trump has since ordered that Maduro be transferred to New York, signalled that Washington intends to retain long-term oversight of Venezuela’s affairs, including its oil revenues.
The administration has argued that controlling Venezuela’s energy exports would ensure the country aligns with US interests.
However, the approach has drawn sharp criticism from some Latin American governments, US rivals and international bodies. The United Nations human rights office has said the US operation violated international law, warned it could undermine global security.
Despite the backlash, the White House appears intent on reshaping Venezuela’s oil industry, with Chevron positioned as a key beneficiary if regulatory barriers are eased.
