CVX · News · 20260908N
Venezuela Operations Expansion
CHEVRON CORP · 2026-09-08 · Importance 89 · Surprise 82 · In source text
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's joint ventures aim to invest over $7 billion to boost output to 600,000 barrels per day by 2031, with a potential plateau of up to 700,000 bpd. source
- Chevron plans to more than double its oil rigs in Venezuela as part of a five-year strategy to significantly increase oil production. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| assets | positive | probable | +1.1% | Chevron's joint ventures aim to invest over $7 billion to boost output to 600,000 barrels per day by 2031, with a potential plateau of up… |
| cash | negative | probable | -1.1% | Chevron's joint ventures aim to invest over $7 billion to boost output to 600,000 barrels per day by 2031, with a potential plateau of up… |
| revenue | positive | probable | — | Chevron's joint ventures aim to invest over $7 billion to boost output to 600,000 barrels per day by 2031, with a potential plateau of up… |