Chevron to invest more than $7 billion in Venezuela and more than double oil output

Chevron plans to spend more than $7 billion over the next five years on its Venezuelan joint ventures, with the company targeting oil production of about 600,000 barrels per day. That would more than double its 2026 level, according to a company statement.

The plans follow agreements that give Chevron’s ventures improved fiscal, commercial and legal terms, as well as additional acreage for future development. Chevron said the changes should support long-term investment and project growth in Venezuela.

One agreement gives Petroindependencia, in which a Chevron subsidiary holds a 49% interest, rights to develop the adjacent Carabobo-1 and Carabobo-2-South-A areas in the Orinoco Belt. The new acreage expands the venture’s existing operating area, where it is increasing production of extra-heavy oil.

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With improved terms and additional acreage, we are strengthening a portfolio that we believe can deliver attractive low-cost oil growth, support energy supply and create differentiated long-term value.

The move follows an April agreement that raised Chevron’s working interest in Petroindependencia to 49% and gave it rights to develop the adjacent Ayacucho 8 area, linked to its Petropiar joint venture. Chevron said its three Venezuelan joint ventures had collectively increased production by 15% year to date. It also said total costs in Venezuela remain below $20 per barrel.

The announcement comes before an expected visit to Venezuela by U.S. Energy Secretary Chris Wright. The visit follows a recent oil agreement between Washington and Caracas under which the United States finalized terms for a direct ownership stake in Venezuelan oil fields previously influenced by Chinese and Russian corporations, according to a U.S. official. Chevron Chairman and CEO Mike Wirth thanked the U.S. administration and the Department of Energy for helping create conditions for further investment and growth.

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We appreciate the leadership of the Administration, particularly the US Department of Energy, and Secretary Wright's partnership in helping facilitate the conditions for further investment and growth.