CVX · News · 20260910N
Venezuela Operations Expansion
CHEVRON CORP · 2026-09-10 · Importance 71 · Surprise 82 · In source text
Chevron secured updated joint-venture fiscal and commercial terms and additional acreage in Venezuela’s Orinoco Belt. The agreements support more than $7 billion of investment over five years and are intended to more than double production to approximately 600,000 barrels per day. The expansion is positioned as low-cost upstream growth and strengthens Chevron’s long-standing presence in Venezuela.
Key facts
- Chevron plans to more than double oil production to approximately 600,000 barrels per day. source
- Chevron is planning to invest over US$7 billion in the next five years. source
- The deals are backed by over $7 billion in investment. source
- Chevron's new agreements with Venezuela are set to increase its oil production target to 600,000 barrels per day. source
- Chevron has secured new joint venture terms and additional acreage in Venezuela's Orinoco Belt. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| assets | positive | committed | — | Chevron is planning to invest over US$7 billion in the next five years. |
| cash | negative | committed | — | Chevron is planning to invest over US$7 billion in the next five years. |
| revenue | positive | probable | — | Chevron's new agreements with Venezuela are set to increase its oil production target to 600,000 barrels per day. |
| assets | positive | committed | — | Chevron has secured new joint venture terms and additional acreage in Venezuela's Orinoco Belt. |