Between September 2–3, 2026, Chevron's CEO announced plans to invest $7 billion over the next five years through joint venture partnerships in Venezuela, marking the company's long-term commitment to the country's world's largest oil reserves after two decades of staying while competitors exited.
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Big Oil has often employed the “hang around” playbook: secure legal rights to a giant resource — and then, eventually, figure out how to produce it profitably. But few companies have taken it to the extremes of Chevron Corp.
this outlet adds: plans, invest, billion, next, five, years, through, joint
For two decades, Chevron stayed while all its major peers quit after former Venezuelan President Hugo Chavez nationalized foreign assets atop the world's largest oil reserves.