Chevron Plans Over $7 Billion Investment in Venezuela to Boost Output to 600,000 Barrels Per Day

en.Wedoany.com Reported - On September 2, Chevron signed a new oil and gas cooperation agreement with Venezuelan authorities, updating the fiscal, commercial, and legal terms of its joint ventures in Venezuela. Under the investment plan corresponding to the agreement, Chevron will invest more than $7 billion over the next five years through local joint ventures, aiming to more than double its crude oil production in Venezuela from 2026 levels to approximately 600,000 barrels per day. Chevron stated that total costs for the relevant assets are expected to remain below $20 per barrel.

The agreement further expands Chevron's development footprint in the Orinoco Oil Belt. The Petroindependencia joint venture has been granted development rights to two adjacent areas, Carabobo-1 and Carabobo-2-South-A, both located near its existing heavy oil operations. Chevron's subsidiary currently holds a 49% interest in Petroindependencia, which is increasing production of extra-heavy crude oil in the region.

Information released by Venezuelan authorities shows that the documents signed on September 2 also include confirmation of contract conversion amendments for three joint ventures—Petroboscán, Petropiar, and Petroindependencia—and align the related business plans with the revised oil and gas legal and fiscal framework effective in 2026. All three joint ventures involve Chevron and Venezuela's national petroleum system, with Petroindependencia and Petropiar located in the Orinoco Oil Belt and Petroboscán in the western state of Zulia.

This round of expansion builds on asset adjustments Chevron completed in Venezuela in April of this year. At that time, the company increased its working interest in Petroindependencia to 49% and secured development rights to the Ayacucho 8 area, which is adjacent to the Petropiar joint venture. With the additional acquisition of Carabobo-1 and Carabobo-2-South-A, Chevron's newly added development areas in the Orinoco Oil Belt have further increased. Company data shows that combined production from its three Venezuelan joint ventures has already grown by 15% since the beginning of 2026.

Chevron's agreement is a separate transaction from the recent cooperation arrangement between the United States and Venezuela involving 17 other oil fields. The latter involves a different entity and approximately 65 billion barrels of proven oil reserves; Chevron's agreement focuses on contract conversion for its three existing joint ventures, new development areas in the Orinoco Oil Belt, and a subsequent investment plan exceeding $7 billion.