Chevron confirmed on September 2 that it will expand operations in Venezuela, announcing plans to invest more than $7 billion over five years to more than double its current production to roughly 600,000 barrels per day. The move follows a deal brokered by the Trump administration to develop Venezuela’s oil reserves with the Pentagon taking a stake in profits.

For South Florida, the expansion carries significant implications. Miami has long served as the U.S. gateway for Latin American energy commerce, and increased Venezuelan oil activity could channel more shipping, financing, and logistics through the region. Chevron, which has maintained a presence in Venezuela since 1923, said it has been assigned additional acreage in the Orinoco Belt where it already operates.

Chevron CEO Mike Wirth said in a statement that the company’s history in Venezuela spans more than a century and the expanded position reflects confidence in the country’s deep resource potential. Venezuela holds the world’s largest proven reserves at over 303 billion barrels, according to OPEC’s 2025 Annual Statistical Bulletin.

Energy Secretary Chris Wright, speaking in Caracas, framed the deal as a win for both nations, saying the agreements represent tens of billions of dollars of investment and ultimately many thousands of jobs critical to starting peace, opportunity and prosperity for Venezuela.

However, the agreement faces skepticism. Ian Vasquez of the Cato Institute noted that Venezuela’s constitution requires National Assembly approval for such arrangements, which has not occurred. Exxon Mobil CEO Darren Woods previously called Venezuela uninvestable, and a spokesman said this week that nothing has changed.

For Miami’s energy trading firms and maritime businesses, the near-term impact may be limited. Analysts including Amy Jaffe of the Global Energy, Climate, and Sustainability Lab at New York University estimate it could take two to four years to bring new facilities online in the Orinoco region. Venezuela’s daily production currently sits at just over 1 million barrels, far below the 10-11 million produced daily by Saudi Arabia.

Still, the deal signals a potential reopening of commercial ties between the U.S. and Venezuela that could eventually benefit South Florida’s logistics and financial services sectors, which have deep historical connections to Venezuelan markets.

Sources: WPLG Local 10, NY Post