CVX · News · 20260902N

Venezuela Operations Expansion

CHEVRON CORP · 2026-09-02 · Importance 89 · Surprise 82

Chevron agreed to revised joint-venture terms with Venezuela and received additional acreage in the Orinoco Belt. The company plans to invest more than $7 billion over five years to more than double Venezuelan production to approximately 600,000 barrels per day by 2031, with potential plateau production of up to 700,000 barrels per day. Chevron also plans to more than double its oil rigs in the country. Updated commercial, fiscal, legal and arbitration provisions are intended to improve investment protection and make Venezuela’s resource base competitive within Chevron’s global portfolio.

Key facts

• Chevron plans to invest $7 billion over the next five years in Venezuela to more than double its oil production in the country. source
• Chevron said it plans to invest more than $7 billion over the next five years targeting production of about 600,000 bpd in Venezuela. source
• Chevron has been assigned additional acreage in the Orinoco Belt as part of its Venezuela agreements. source
• Chevron expects to reach 600,000 barrels of oil per day in Venezuela by 2031. source