Chevron Venezuela Investment Expands Oil Output
Chevron Venezuela investment creates a framework for multiyear capital deployment, with more than $7 billion planned and implications for crude flows.
KEY TAKEAWAYS
- Updated joint-venture terms assigned additional Orinoco Belt acreage to support long-term project development.
- Chevron plans to invest more than $7 billion over five years under the new framework.
- Targets about 600,000 barrels per day over five years.
HIGH POTENTIAL TRADES SENT DIRECTLY TO YOUR INBOX
Add your email to receive our free daily newsletter. No spam, unsubscribe anytime.
Chevron Corp. said on Sept. 2, 2026, that updated joint-venture terms with Venezuela would establish a framework for its Chevron Venezuela investment, enabling multiyear capital deployment, expanded project development, and significantly higher crude output.
Updated Joint-Venture Terms and Expanded Acreage
Chevron announced in a Business Wire release at 6:15 a.m. ET that it had reached agreements with Venezuela to update joint-venture terms. The arrangement assigned additional acreage in the Orinoco Belt and introduced enhanced fiscal, commercial, and legal provisions designed to support future investment, project development, and production growth. The company described the new terms as a foundation for durable long-term investment in the country.
Multibillion-Dollar Investment and Production Growth
Chevron plans to invest more than $7 billion in Venezuela over the next five years, targeting production of about 600,000 barrels per day during that period. This target represents more than double the company’s 2026 output. The multiyear capital program aims to shift Chevron’s Venezuela growth profile toward substantially larger output and expanded project development.
U.S. Energy Secretary Chris Wright said ahead of planned signings in Caracas that the deals would lead to more than doubling Venezuela’s crude production in the coming years. Chevron has operated in Venezuela since 1923. Company executives said the expanded position reflects confidence in the country’s resource potential and its ability to compete for investment within Chevron’s broader portfolio.
The company’s announcement stated the updated terms support future investment, project development, and production growth in Venezuela.
