Chevron Bets Big on Venezuela, Doubling Oil Production by 2031

Chevron plans to invest over $7 billion in Venezuela through 2031 to double its oil production in the country to nearly 600,000 barrels per day. This significant investment is a major development that aligns with President Donald Trump's efforts to revive Venezuela's oil industry.

Venezuela has vast oil reserves, but its production has been severely impacted by chronic political mismanagement, U.S. sanctions, and underinvestment. The country produced just 1.01 million barrels of oil per day in 2025, down from nearly a third of what it pumped two decades ago.

Chevron's expansion plans focus on the Orinoco Belt, which holds most of Venezuela's extra-heavy crude oil reserves. The company has been granted additional development acreage and aims to extract oil at production costs averaging just $20 per barrel.

This low-cost expansion strengthens Chevron's production portfolio, which is already anchored by high-margin growth in the Permian Basin, offshore Guyana, and the Bakken. The company expects to grow earnings per share and adjusted free cash flows at compound annual growth rates above 10% each through 2030.