CVX · News · 20260902N
Venezuela Investment Conditions
CHEVRON CORP · 2026-09-02 · Importance 89 · Surprise 82 · In source text
Chevron agreed with Venezuela to revise terms for its joint ventures and received additional acreage in the Orinoco Belt. The company plans to invest more than $7 billion over the next five years, targeting production of approximately 600,000 barrels per day by 2031, with a potential plateau of up to 700,000 barrels per day. The revised arrangements include enhanced fiscal, commercial and legal protections, including international arbitration rights, and Chevron plans to more than double its Venezuelan drilling rigs.
Key facts
- Chevron said it had agreed with Venezuela on updated terms for its joint ventures, including enhanced fiscal, commercial and legal terms intended to support durable and competitive long-term investments. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| margin | positive | probable | — | Chevron said it had agreed with Venezuela on updated terms for its joint ventures, including enhanced fiscal, commercial and legal terms… |