Chevron Bolsters Venezuelan Operations with Enhanced Joint Venture Deals

Chevron has expanded its position in Venezuela through new agreements that provide enhanced terms for its joint ventures, including additional acreage in the Orinoco Belt.

The agreements assign Chevron's subsidiary a 49% interest in Petroindependencia, S.A., and grant it the rights to develop two greenfield sites located in the Orinoco Belt. This move further strengthens Chevron's growing portfolio in Venezuela, following an agreement in April that increased its working interest in Petroindependencia.

The joint ventures plan to invest over $7 billion over the next five years, more than doubling production to approximately 600,000 barrels a day compared to 2026. With total costs of less than $20 per barrel and a large resource base, Venezuela is considered a platform for differentiated oil growth under Chevron's disciplined cash management model.