Chevron commits $7 billion to double Venezuela oil output to 600,000 barrels daily
Chevron has signed a deal to invest more than $7 billion over five years in Venezuela's Orinoco Belt. The company plans to increase its production capacity by more than doubling it to approximately 600,000 barrels per day.
Chevron announced an agreement to invest over $7 billion in Venezuela through its joint ventures over the next five years. The plan aims to expand operations and double oil output to around 600,000 barrels a day. This venture includes developing two new greenfield sites near existing fields, specifically the Carabobo-1 and Carabobo-2-South-A areas under Petroindependencia. Chevron holds a 49% stake in this joint venture. The company also manages a 30% interest in Petropiar, which rights to develop the Ayacucho 8 area. Under these new fiscal, commercial, and legal terms, production costs are expected to remain below $20 per barrel. Output is projected to rise to 600,000 barrels daily compared to 2026 levels. Production across Chevron's three Venezuelan joint ventures has already risen by 15% this year. Energy Secretary Chris Wright visited Venezuela recently to unveil the investment, noting it supports local prosperity and employment. Mike Wirth, chief executive, stated the move reflects confidence in the resource base and competitive standing within global portfolios.
