Chevron Bolsters Venezuela Presence with Orinoco Belt Expansion
Chevron has expanded its operations in Venezuela's Orinoco Oil Belt by incorporating two new fields, Carabobo 1 and Carabobo 2 South-A. The US oil company will link these assets to PetroIndependencia, a joint venture with the state-owned Petróleos de Venezuela (PDVSA), in which Chevron holds a 49% stake.
The addition of these fields allows Chevron to expand its upstream portfolio and increase its stake in heavy oil resources concentrated in the Orinoco Belt. PetroIndependencia will play a crucial role in the development of the new assets, as it is part of the joint ventures through which Chevron maintains operations with PDVSA in Venezuela.
Chevron plans to invest more than $7 billion over the next five years for the development and recovery of oil assets in Venezuela. This investment aims to increase production to approximately 600,000 barrels per day, more than double the levels recorded in 2026.