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Chevron to invest $7 billion over five years to more than double Venezuelan output
🇵🇾 Paraguay /Energy & Infrastructure

Chevron to invest $7 billion over five years to more than double Venezuelan output

From ABC Color · () Spanish

Translated from Spanish and summarized by DistantNews. Read the original for the full story.

At a glance

Newswire Official statement New plan
  • Chevron plans to invest more than $7 billion in Venezuela over five years and more than double its production there to about 600,000 barrels per day.
  • The agreements improve conditions for Chevron’s joint ventures and give Petroindependencia rights to develop two additional areas in the Orinoco Oil Belt.
  • The announcement follows Donald Trump’s stated agreement to develop Venezuela’s oil reserves and give the Pentagon a share of the resulting profits.

Chevron is expanding its bet on Venezuela’s oil industry with a five-year investment plan worth more than $7 billion. The U.S. oil major says the spending will allow its Venezuelan operations to more than double production, reaching about 600,000 barrels per day compared with its 2026 level.

The company said agreements reached with Venezuela improve the fiscal, commercial and legal conditions governing its joint ventures. They also support new projects and production growth. Chevron received additional areas in the Orinoco Oil Belt, where it already produces extra-heavy crude.

The announcement came days after U.S. President Donald Trump said he had reached an agreement to develop Venezuela’s oil reserves and give the Pentagon a share of the profits. Chevron Chief Executive Mike Wirth said the company’s expanded position reflected confidence in Venezuela’s resources and its ability to compete for investment over the coming decades.

Our expanded position reflects our confidence in the country’s deep resource potential and its ability to compete for investment within our portfolio for decades

— Mike WirthChevron’s chief executive described the company’s rationale for expanding its Venezuelan operations.

“With better conditions and additional areas, we are strengthening a portfolio that we believe can deliver attractive, low-cost oil production growth, support energy supplies and create differentiated long-term value,” Wirth said. He also thanked the U.S. administration, including the Energy Department and Energy Secretary Chris Wright, for helping create conditions for further investment and growth.

Under the new agreements, Petroindependencia, in which a Chevron subsidiary holds a 49% stake, received rights to develop the adjacent Carabobo-1 and Carabobo-2-South-A areas. The award expands its operations as the joint venture increases extra-heavy crude production. It follows an April agreement that raised Chevron’s stake in Petroindependencia to 49% and gave it rights to develop Ayacucho 8, next to the Petropiar joint venture.

Chevron’s three Venezuelan joint ventures have increased production by 15% so far this year. The company has operated in Venezuela since 1923. Petroindependencia and Petropiar develop extra-heavy crude projects in the Orinoco Oil Belt, while Petroboscan operates in western Venezuela’s Zulia state.

With better conditions and additional areas, we are strengthening a portfolio that we believe can deliver attractive, low-cost oil production growth, support energy supplies and create differentiated long-term value

— Mike WirthWirth outlined the expected benefits of the new agreements and expanded operating areas.
About this summary

Originally published by ABC Color in Spanish. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

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