CVX · News · 20260901N

Venezuela Operations Expansion

CHEVRON CORP · 2026-09-01 · Importance 40 · Surprise 42 · In source text

Chevron is reportedly close to securing operating rights to two major oil fields in Venezuela’s Orinoco Belt, including assets in the Carabobo region. The potential agreement would expand Chevron’s existing Venezuelan joint-venture operations under new fiscal terms being negotiated with the Venezuelan government. Chevron currently produces approximately 280,000 barrels of oil per day in Venezuela and has indicated that production could increase by 50% over the next two years. The additional fields could materially increase Chevron’s Venezuelan upstream production beyond current estimates.

Key facts

• Chevron has said it can expand Venezuelan production by another 50% over the next two years. source
• Chevron is close to finalizing a deal to gain operating rights to two major oil fields in Venezuela's Orinoco Belt. source
• Chevron is nearing a deal to expand its oil operations in Venezuela by acquiring two large fields in the Orinoco Belt's Carabobo region. source
• The reported agreements Chevron is set to sign in Venezuela are part of a six-month migration of oil contracts to an amended hydrocarbon law offering foreign firms more flexibility. source
• Chevron is currently discussing fiscal terms with the Venezuelan government related to the potential deals. source
• Chevron already produces about 280,000 barrels of oil a day in Venezuela through joint ventures. source
• Several U.S.-backed investment agreements involving Chevron and others in Venezuela are expected to be announced soon, according to the report. source
• Shares of Chevron Corp. (CVX) rose after reports indicated it is set to sign major energy deals in Venezuela. source

Impact estimates