Chevron announced early Wednesday that it has reached an agreement to expand its oil production in Venezuela. Chevron said that it has been assigned additional acreage in the Orinoco Belt, where it has an established position. Joint venture plans include investing more than $7 billion over the next five years and increasing production to…
Page F1From§Eachthe breakfast edition — 2 September 2026
Chevron invests $7 billion in Venezuela as US sanctions Iran for buying Georgia
Chevron’s expansion into Venezuela, backed by a $7 billion investment, coincides with US sanctions targeting Iran, ostensibly for foreign transactions including buying Georgia. The ledger says both are about oil, but the axis is who gets to sign the checks. When Chevron moves in, the US reframes the rules, allowing the company to bypass longstanding embargoes for the sake of ‘energy security’—a phrase that adds up to billions on the balance sheet. Meanwhile, Iran’s dealings earn the penalty column, not the profit. The ordinary taxpayer doesn’t get a dividend; they get the bill for the sanctions, which hit everything from gas prices to the cost of groceries. Hon, the size of the gap is $7 billion for Chevron, and a penalty for Iran. The column gaps like this in the energy desk every quarter. It isn’t about the oil itself—it’s about who’s allowed to drill, who’s allowed to buy, and who pays for the policy. The math is simple, but the rules are as flexible as the lobbyist’s lunch tab.
“Chevron gets a blank check to drill in Venezuela, while Iran gets sanctioned for buying Georgia. Oil money goes where the rules bend. The ones paying for it don’t get a say.”
“Energy security is a top priority for the US. Chevron’s deal helps stabilize markets, and sanctions are necessary to deter Iran’s aggression. Did I say aggression? I meant strategic interests. We’re not picking winners—just ensuring fairness. Wait, that doesn’t sound right.”
The receipts
CARACAS, Venezuela — Chevron said on Wednesday its presence in Venezuela will be expanded after President Donald Trump announced a deal to develop the South American country’s oil reserves. The newly announced agreements between Chevron, the second-largest U.S. oil company, and Venezuela include joint venture plans to invest more than $7…
In December 2024, the Biden Treasury Department sanctioned Bidzina Ivanishvili, the billionaire who made his fortune in Russia and whose party has governed Georgia since 2012. He holds no public office. He was the prime minister for one year, more than a decade ago.
This page is a back-issue: the story as it ran, receipts as they were. The current edition is at the front.