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Chevron Doubles Down on Venezuela Oil Production Plans

Guavy AI Editorial Team Published September 4, 2026

Instruments

Oil

Chevron has announced plans to double its oil production in Venezuela over the next five years.

The company will invest $7 billion to increase production to approximately 600,000 barrels per day.

This move follows President Donald Trump's recent deal to develop Venezuelan oil fields, which contain about 65 billion barrels of petroleum.

Chevron's CEO Mike Wirth stated that the decision is 'strenghthing a portfolio that we believe can deliver attractive low-cost oil growth.'

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