Energy & Environment — Chevron announces its own Venezuela deal

View Online Energy & Environment Energy & Environment The Big Story  Chevron plans to double its Venezuela oil production Chevron announced early Wednesday that it has reached an agreement to expand its oil production in Venezuela. © AP Photo/Rogelio V. Solis, File The company said the deal would more than double its current oil production in Venezuela, bringing it up to 600,000 barrels per day.   It added that the effort will be done through a joint venture, in which Chevron’s subsidiary holds 49 percent interest.   Chevron said that the joint venture plans to spend more than $7 billion over the next five years. It said as part of the deal, it was assigned additional acres in Venezuela’s Orinoco Belt, an area where much of Venezuela’s heavy crude oil can be found, and where it already has an established position.    Chevron is the only major U.S. oil company that currently has operations in Venezuela. ExxonMobil and ConocoPhillips left in 2007.   The agreement is expected to be separate from the Trump administration’s own recent announcement that it would team up with Venezuelan oil company North American Blue Energy Partners and gain access to some 21 percent of the country’s estimated oil deposits.    Read more at TheHill.com. Welcome to The Hill’s Energy & Environment newsletter, I’m Rachel Frazin — keeping you up to speed on the policies impacting everything from oil and gas to new supply chains. Did someone forward you this newsletter? Subscribe here. Essential Reads  How policy will affect the energy and environment sectors now and in the future: Trump floats renaming Strait of Hormuz after himself President Trump on Wednesday floated changing the name of the Strait of Hormuz to the Trump Strait, despite the waterway not having a single owner.  Full Story Lutnick claims that data centers, known for water consumption, ‘don’t use water’ Commerce Secretary Howard Lutnick claimed Wednesday that data centers “don’t use water” despite the facilities’ significant water usage raising concerns for communities that may host them.   Full Story What We’re Reading  News we’ve flagged from other outlets touching on energy issues, the environment and other topics: Pentagon Delays PFAS Cleanup at Over 200 Military Sites for the Third Time (NOTUS) The Trump administration cut funds for natural hazards monitoring in Nepal. A year later, disaster struck (CNN) On Tap  Upcoming news themes and events we're watching: The House Energy and Commerce Committee will hold a hearing on water infrastructure legislation, including a proposal that aims to limit data center impacts on water bills What Others are Reading  Two key stories on The Hill right now: Driscoll breaks silence after resigning as Army secretary Dan Driscoll broke his silence late Tuesday, announcing that his last full day as Army secretary will be Wednesday, but he did not offer a reason for why he is resigning from the post he has held for 18 months.  Read more Clooney rips Hegseth’s post knocking Canadian military: ‘What’s wrong with you?’ George Clooney is ripping Pete Hegseth and questioning his “sense of decency” after the Defense secretary appeared to poke fun at Canada’s military in a social media post. Read more   You’re all caught up. See you tomorrow!  Check out The Hill's Energy & Environment page for the latest coverage. Like this newsletter? Take a moment to view our other topical products here 📩 Privacy Policy  |  Manage Subscriptions  |  Unsubscribe  400 N Capitol Street NW Suite 650, Washington, DC 20001 Copyright © 1998 - 2026 Nexstar Media Inc. | All Rights Reserved.