Chevron More Than Doubles Oil Rig Count in Venezuelan Oilfields

en.Wedoany.com Reported - On September 8, Chevron Chief Financial Officer Eimear Bonner said the company will more than double the number of oil rigs it operates in Venezuela as part of its five-year production increase plan. Chevron and its local partners plan to invest more than $7 billion over the next five years to raise crude output from their Venezuelan joint ventures to about 600,000 barrels per day by 2031, more than double the 2026 level. The company did not disclose the current rig base or the specific number of additional rigs.

On September 2, Chevron completed a new cooperation agreement with the Venezuelan side, redefining the fiscal, commercial and legal terms of the local joint ventures. The agreement also expands Chevron's development area in the Orinoco Heavy Oil Belt, with the Petroindependencia joint company obtaining development rights to the adjacent Carabobo-1 and Carabobo-2-South A blocks. Chevron subsidiaries currently hold a 49% interest in Petroindependencia.

In April this year, Chevron already raised its working interest in Petroindependencia to 49% and obtained development rights to the Ayacucho 8 area near the Petropiar joint venture. With the two additional Carabobo areas added in September, the company's development scope in the Orinoco Heavy Oil Belt has further expanded. Chevron data show that production from its three Venezuelan joint ventures—Petroindependencia, Petropiar and Petroboscán—has increased by a cumulative 15% since 2026.

Under the latest production plan, once output from the relevant joint ventures reaches about 600,000 barrels per day, Chevron expects to further establish a plateau production of 600,000–700,000 barrels per day and sustain it for 5–10 years. Bonner said this level corresponds to the initial recovery stage of the existing resource base.

The new contract terms also grant Chevron the right to resolve disputes through international arbitration. This arrangement took effect alongside the new commercial and legal framework signed in September, forming one of the contractual conditions for Chevron's capital investment, drilling and production increase plans in Venezuela over the next five years.

Chevron's announced five-year plan targets a cost of less than $20 per barrel. The company's existing Venezuelan assets include the Petroindependencia and Petropiar projects in the Orinoco Heavy Oil Belt, as well as the Petroboscán project in Zulia State; the additional rigs will be incorporated into this overall production increase plan, but Chevron has not yet disclosed the rig allocation for each joint venture or a specific drilling timetable.